2012

annual report additional information

Annual Report 2012 – Additional Information

I. Tables of returns 1. Auditor’s Report ...... 1 2. General Notes ...... 2 3. Short-Term Investments ...... 4 4. Bonds ...... 6 5. Bonds - Fixed Income ...... 8 6. Long-Term Bonds ...... 10 7. Real Estate Debt ...... 12 8. Real Return Bonds ...... 14 9. Infrastructure ...... 16 10. Real Estate ...... 18 11. Canadian Equity ...... 21 12. Publicly Traded Canadian Equity Markets ...... 23 13. Global Equity ...... 25 14. U.S. Equity ...... 27 15. EAFE Foreign Equity ...... 29 16. Emerging Markets Equity ...... 31 17. Publicly Traded Emerging Market Equity Markets ...... 33 18. Private Equity ...... 35 19. Hedge Funds ...... 37 20. Balanced Fund ...... 39

II. Financial statistics and review 1. Changes in net assets ...... 45 2. Statement of income and changes in net assets under management ...... 46 3. Changes in depositors’ holdings ...... 47 4. Breakdown of depositors’ holdings ...... 52 5. Annual interest or income paid out on average deposits ...... 53 6. Summary of investments ...... 54 7. Breakdown of investments ...... 55 8. Real Estate sector – Mortgages of $5 million and over ...... 57 9. Investments in shares and bonds of publicly traded companies ...... 68 10. Investments in shares and bonds of privately held companies ...... 154 11. Statement of real estate holdings ...... 168 12. Statement of properties held for resale ...... 170

The Code of Ethics and Professional Conduct for Officers and Employees is available on the Caisse’s website (www.lacaisse.com) under the Governance tab.

I. Tables of returns

Caisse de dépôt et placement du Québec for the period ended December 31, 2012

GIPS® compliant presentation

Deloitte LLP 1 Place Ville Marie Suite 3000 Montreal QC H3B 4T9 Canada

Tel: 514-393-5321 Fax: 514-390-4111 www.deloitte.ca

Auditor’s Report on Compliance with the Global Investment Performance Standards on a firm-wide basis

To: The Directors of Caisse de dépôt et placement du Québec

We have audited Caisse de dépôt et placement du Québec – Depositors’ accounts (the “Company”) compliance with the composite construction requirements for the Global Investment Performance Standards (“GIPS®”) on a firm-wide basis for the year ended December 31, 2012, and the design of its processes and procedures to calculate and present performance results in compliance with the GIPS®

Standards as of December 31, 2012. Compliance with the GIPS® Standards is the responsibility of the management of the Company. Our responsibility is to express an opinion based upon our audit.

We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the Company complied with the criteria established by the GIPS® Standards. Such an audit includes examining, on a test basis, evidence supporting compliance, evaluating the overall compliance with these criteria, and where applicable, assessing the accounting principles used and significant estimates made by management.

In our opinion, the Company has complied with the GIPS® Standards for the year ended December 31, 2012, including the composite construction requirements on a firm wide basis and the design of its processes and procedures to calculate and present performance results in compliance with the

GIPS® Standards as of December 31, 2012.

We have issued a separate audit report on certain individual composite presentations of the Company dated February 26, 2013, and accordingly, we express no opinion or any other form of assurance on any such performance results in this compliance report.

February 26, 2013 ______1 CPA auditor, CA, public accountancy permit No. A104243

General Notes 1. Presentation of the firm The Caisse de dépôt et placement du Quebec ("the Caisse") is a financial institution that manages funds for Québec’s public- and parapublic-sector pension and insurance plans ("the depositors"). The Caisse invests in large liquid markets, private equity and real estate. Depositors’ assets in funds totalled $175.2 billion as at December 31, 2012. This document presents the returns related to the funds managed by the Caisse for the depositors. (See Note 7, p. 3)

2. Compliance statement

The Caisse claims compliance with the Global Investment Performance Standards (GIPS ®) and has prepared and presented this report in compliance with the GIPS® standards. The Caisse has been independently verified for the periods from January 1, 2003 through December 31, 2012.

Verification assesses whether (1) the Caisse has complied with all the composite construction requirements of the GIPS ® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. The composites have been examined for the periods from January 1, 2003 to December 31, 2012.

3. Performance calculations Performance calculations are based on monthly calculations using the modified Dietz formula. All deposits or withdrawals are performed on the first day of each month. As a result, the calculated returns are in no way distorted by the cash flows which occur during the month.

Each discretionary portfolio for which the Caisse charges operating expenses is included in at least one composite. These composites are valued according to transaction date and their returns are calculated monthly. The quarterly and annual returns are then calculated using the geometric linking method.

Total returns, including realized and unrealized gains and losses plus investment income, are used to calculate returns. These returns include any income generated on cash or cash equivalents. Interest income is accrued and is included in the market value used to calculate returns. Dividend income is generally accrued as of its ex-dividend date.

The fair value of fixed-income securities is determined using the closing prices of such securities at major brokers as well as closing prices provided by recognized financial institutions, depending on their availability. When these values are not available, the fair value is determined by commonly used valuation methods used in capital markets, such as discounting future cash flows at the current interest rate or on the basis of similar arm's-length transactions. These valuations are reviewed biannually by independent external firms. For more information on the valuation methodology used for ABTN (asset-backed term notes), see Note 3e of the combined financial statements.

The fair value of shares traded on a stock exchange is determined based on the closing prices on the major stock exchanges as well as those provided by recognized financial institutions. In 2007, the Caisse adopted Section 3855 "Financial Instruments — Recognition and Measurement" of part V of the CICA Handbook - Accounting, pre-changeover Canadian GAAP. Under these provisions, establishment of market value must be done using the bid price for assets and the ask price for liabilities. In the goal of preserving direct comparability of the returns with their benchmark indices, the Caisse continues to use the closing prices to calculate returns.

Valuations of unlisted shares are made according to fair value, that are commonly used valuation methods or on the basis of similar arm's-length transactions. Valuations of shares and convertible securities that are not publicly traded are reviewed biannually by a valuation committee made up of independent experts or by independent external firms.

For real estate holdings, valuations are conducted twice a year by independent valuators. The fair market value derived from the enterprise valuation is established using a widely used valuation method, the publicly traded companies multiples method. This method relies on observable and non-observable inputs, like available market multiples. The fair market value is reviewed on an annual basis by an independent external firm.

The proportion of the Private Equity, Infrastructure and Real Estate composites held by the depositors does not fluctuate between valuation periods.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 2 of 41 Derivative instruments are valued using fair value. These values are determined on the basis of closing prices on the major stock exchanges as well as those provided by recognized financial institutions. In the case of unlisted derivative products, certain valuations are made on the basis of similar arm's-length transactions or according to recognized, commonly used models. These valuations are reviewed biannually by independent external firms.

U.S. composites and benchmarks indices are presented before non-resident taxes. For other foreign countries, returns are calculated on an after-tax basis. This is due to the fact that the Caisse, acting on behalf of its depositors, benefits from a tax- exempt status on all revenues and interest generated in the United States as a result of the non-taxable status of its clients under existing rules and of the Canada-US fiscal treaty. For all foreign countries, the Caisse can benefit from a tax exemption or a reduced rate of taxation with respect to revenues and/or interest, whether it is due to existing rules or a fiscal treaty between Canada and the foreign country.

4. Risk measure

The dispersion for the Balanced Fund is measured by the standard deviation of annual returns for each of the accounts that are present in the composite throughout the entire year. For the other composites, this dispersion measure is not used because there is only one account per composite. The dispersion of returns is measured by the annualized standard deviation of monthly returns, for the composite and its benchmark index, over a rolling three-year period.

5. Operating expenses and other fees

Due to the nature of the Caisse’s structure, operating expenses and other fees that are charged to the composites are the actual expenses incurred to manage these funds. Total fees are allocated according to cost drivers specific to the different investment activities. All returns in this presentation are calculated before operating expenses and other fees, but net of transaction fees, real estate subsidiaries fees, as well as incurred management fees in investment funds. The actual incurred fees for each composite are presented in basis points.

6. Currency used for reporting

All returns and assets are presented in Canadian dollars.

7. Net assets under management

The net assets under management presented are those of the combined financial statements, adjusted to exclude assets that are not covered by the firm, as described in Note 1, namely overnight deposits and term deposits of depositors.

8. Additional information

The internal procedures manual concerning portfolio valuation, performance calculation and preparation of this presentation of returns is available for existing and potential depositors upon request at [email protected].

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 3 of 41 Short-Term Investments Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 0.10 0.10 0.00 2012 $8,916,169 $175,192,938 5.09 0.12 0.10 3 month 0.29 0.29 0.00 2011 $6,762,222 $158,706,574 4.26 0.14 0.11 6 month 0.55 0.52 0.02 2010 $3,376,296 $151,387,764 2.23 0.48 0.45 Year to date 1.08 1.01 0.07 2009 $2,714,918 $131,103,348 2.07 0.51 0.53 2008 $4,468,179 $117,950,388 3.79 0.32 0.30 2007 $2,365,475 $155,140,783 1.52 0.28 0.26 2006 $2,707,739 $142,716,112 1.90 0.33 0.25 2005 $4,058,445 $121,925,703 3.33 0.27 0.14 2004 $2,359,150 $102,393,353 2.30 0.28 0.17 2003 $2,411,743 $89,336,739 2.70 0.46 0.35

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 1.08 1.07 0.93 0.97 1.50 2.01 2.34 2.42 2.43 2.50 BENCHMARK: 1.01 1.01 0.85 0.79 1.29 1.81 2.12 2.17 2.19 2.26 SPREAD: 0.07 0.07 0.08 0.18 0.21 0.20 0.23 0.25 0.24 0.24 2011: COMPOSITE: 1.06 0.86 0.93 1.61 2.19 2.56 2.61 2.60 2.66 BENCHMARK: 1.00 0.77 0.72 1.36 1.97 2.30 2.34 2.34 2.40 SPREAD: 0.06 0.09 0.21 0.25 0.22 0.25 0.27 0.26 0.26 2010: COMPOSITE: 0.65 0.86 1.79 2.48 2.86 2.87 2.82 2.86 BENCHMARK: 0.54 0.58 1.49 2.21 2.56 2.57 2.53 2.58 SPREAD: 0.12 0.28 0.31 0.26 0.29 0.31 0.29 0.28 2009: COMPOSITE: 1.07 2.37 3.09 3.42 3.32 3.18 3.18 BENCHMARK: 0.62 1.97 2.78 3.08 2.98 2.87 2.87 SPREAD: 0.45 0.40 0.31 0.34 0.34 0.32 0.31 2008: COMPOSITE: 3.68 4.12 4.21 3.89 3.61 3.54 BENCHMARK: 3.33 3.88 3.91 3.58 3.32 3.25 SPREAD: 0.35 0.24 0.30 0.32 0.29 0.29 2007: COMPOSITE: 4.56 4.48 3.96 3.60 3.51 BENCHMARK: 4.43 4.20 3.66 3.32 3.24 SPREAD: 0.12 0.27 0.30 0.28 0.27 2006: COMPOSITE: 4.39 3.67 3.28 3.25 BENCHMARK: 3.98 3.28 2.95 2.94 SPREAD: 0.42 0.39 0.33 0.31 2005: COMPOSITE: 2.95 2.72 2.87 BENCHMARK: 2.58 2.44 2.60 SPREAD: 0.37 0.28 0.27 2004: COMPOSITE: 2.50 2.83 BENCHMARK: 2.30 2.61 SPREAD: 0.20 0.22 2003: COMPOSITE: 3.16 BENCHMARK: 2.91 SPREAD: 0.25

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 4 of 41 Short-Term Investments

Notes to the Short-Term Investments Composite:

1. Composite description

The composite objective is to preserve invested capital and maintain a high degree of liquidity while obtaining an income return comparable to that of the 91-Day Canadian T-Bill Index. This composite may include derivative financial instruments in the normal course of its investment management. Derivatives are used to manage interest rate risk or debt duration. Since July 1, 2010, this composite can no longer contain any leverage or short positions. Securites lending and borrowing activities are permitted in the composite within authorized limits.

2. Composite creation date The composite was created on September 1, 1998.

3. Benchmark index The benchmark index for this composite is the DEX 91-Day T-Bill Index.

4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 1 basis point. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 2 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 5 of 41 Bonds Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 0.04 (0.10) 0.13 2012 $43,789,616 $175,192,938 25.00 2.90 3.02 3 month 0.60 0.37 0.23 2011 $41,600,376 $158,706,574 26.21 3.28 3.28 6 month 2.12 1.54 0.58 2010 $40,038,013 $151,387,764 26.45 3.80 3.78 Year to date 4.30 3.58 0.72 2009 $37,645,302 $131,103,348 28.71 3.59 3.60 2008 $44,161,584 $117,950,388 37.44 3.55 3.61 2007 $39,445,960 $155,140,783 25.43 3.02 3.04 2006 $35,959,466 $142,716,112 25.20 3.07 3.12 2005 $36,186,629 $121,925,703 29.68 3.60 3.62 2004 $32,826,835 $102,393,353 32.06 3.78 3.75 2003 $27,831,399 $89,336,739 31.15 4.03 4.17

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 4.30 7.16 7.58 7.28 6.78 6.27 5.97 6.04 6.20 6.33 BENCHMARK: 3.58 6.65 6.71 6.39 6.39 5.93 5.66 5.76 5.92 5.99 SPREAD: 0.72 0.51 0.87 0.90 0.39 0.34 0.31 0.27 0.28 0.34 2011: COMPOSITE: 10.10 9.27 8.30 7.42 6.67 6.25 6.29 6.44 6.56 BENCHMARK: 9.81 8.31 7.34 7.11 6.41 6.02 6.08 6.21 6.27 SPREAD: 0.29 0.95 0.96 0.31 0.26 0.24 0.21 0.22 0.29 2010: COMPOSITE: 8.45 7.41 6.54 5.84 5.50 5.67 5.92 6.13 BENCHMARK: 6.84 6.12 6.22 5.58 5.27 5.47 5.71 5.83 SPREAD: 1.60 1.28 0.32 0.26 0.23 0.19 0.22 0.30 2009: COMPOSITE: 6.38 5.60 4.98 4.78 5.12 5.51 5.80 BENCHMARK: 5.41 5.91 5.16 4.88 5.20 5.52 5.69 SPREAD: 0.97 (0.31) (0.18) (0.11) (0.08) (0.01) 0.11 2008: COMPOSITE: 4.82 4.29 4.25 4.80 5.34 5.70 BENCHMARK: 6.41 5.04 4.71 5.14 5.54 5.73 SPREAD: (1.59) (0.75) (0.46) (0.34) (0.21) (0.03) 2007: COMPOSITE: 3.76 3.96 4.80 5.47 5.88 BENCHMARK: 3.68 3.87 4.73 5.33 5.60 SPREAD: 0.07 0.09 0.07 0.14 0.28 2006: COMPOSITE: 4.17 5.33 6.04 6.42 BENCHMARK: 4.06 5.25 5.88 6.08 SPREAD: 0.11 0.07 0.16 0.34 2005: COMPOSITE: 6.50 6.99 7.18 BENCHMARK: 6.46 6.80 6.77 SPREAD: 0.03 0.19 0.41 2004: COMPOSITE: 7.49 7.52 BENCHMARK: 7.15 6.92 SPREAD: 0.35 0.60 2003: COMPOSITE: 7.55 BENCHMARK: 6.69 SPREAD: 0.86

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 6 of 41 Bonds

Notes to the Bonds Composite:

1. Composite description

The composite objective is to obtain a return above its benchmark index while investing mainly in Canadian debt securities.

On July 1, 2010, private debt activities were transferred from the Investments and Infrastructures composite to this composite. From July 1, 2003 to July 1, 2010, the composite included only publicly-quoted bonds. Prior to July 1, 2003, this composite combined investments in publicly-quoted and privately-issued bonds. This composite may include derivative financial instruments in the normal course of investment management. Derivatives are mainly used to hedge positions, reduce market risk and take advantage of arbitrage opportunities. Securites lending and borrowing activities, as well as shorting activities are permitted in the composite within authorized limits. The structure of non-synthetic asset-backed securities should not contain any leverage component. Since May 1, 2003, a non-material portion of the composite assets has been allocated to external managers.

2. Composite creation date The composite was created on September 1, 1998.

3. Benchmark index

Since July 1, 2010, the benchmark index has been the Dex Universe Bond Index (Adjusted). The DEX provincial bond and DEX municipal bond composites have been replaced with the DEX Québec Bond composite. Prior to this date, the benchmark for this composite was the DEX Universe Bond Index. The change in the benchmark was done to better reflect the overweighting of Québec bonds in the composite.

4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 12 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 11 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 7 of 41 Bonds - Fixed Income Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 0.04 (0.10) 0.13 2012 $43,789,616 $175,192,938 25.00 2.90 3.02 3 month 0.60 0.37 0.23 2011 $41,600,376 $158,706,574 26.21 3.28 3.28 6 month 2.12 1.54 0.58 2010 $40,038,013 $151,387,764 26.45 3.80 3.78 Year to date 4.30 3.58 0.72 2009 $37,645,302 $131,103,348 28.71 3.59 3.60 2008 $44,161,584 $117,950,388 37.44 3.55 3.61 2007 $39,445,960 $155,140,783 25.43 3.02 3.04 2006 $35,959,466 $142,716,112 25.20 3.07 3.12 2005 $36,186,629 $121,925,703 29.68 3.60 3.62 2004 $32,826,835 $102,393,353 32.06 3.80 3.75 2003 $27,831,399 $89,336,739 31.15 4.10 4.17

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 4.30 7.16 7.58 7.28 6.78 6.27 5.97 6.04 6.20 6.31 BENCHMARK: 3.58 6.65 6.71 6.39 6.39 5.93 5.66 5.76 5.92 5.99 SPREAD: 0.72 0.51 0.87 0.90 0.39 0.34 0.31 0.27 0.28 0.32 2011: COMPOSITE: 10.10 9.27 8.30 7.42 6.67 6.25 6.29 6.44 6.54 BENCHMARK: 9.81 8.31 7.34 7.11 6.41 6.02 6.08 6.21 6.27 SPREAD: 0.29 0.95 0.96 0.31 0.26 0.24 0.21 0.22 0.27 2010: COMPOSITE: 8.45 7.41 6.54 5.84 5.50 5.67 5.92 6.10 BENCHMARK: 6.84 6.12 6.22 5.58 5.27 5.47 5.71 5.83 SPREAD: 1.60 1.28 0.32 0.26 0.23 0.19 0.22 0.27 2009: COMPOSITE: 6.38 5.60 4.98 4.78 5.12 5.51 5.77 BENCHMARK: 5.41 5.91 5.16 4.88 5.20 5.52 5.69 SPREAD: 0.97 (0.31) (0.18) (0.11) (0.08) (0.01) 0.08 2008: COMPOSITE: 4.82 4.29 4.25 4.80 5.34 5.67 BENCHMARK: 6.41 5.04 4.71 5.14 5.54 5.73 SPREAD: (1.59) (0.75) (0.46) (0.34) (0.21) (0.06) 2007: COMPOSITE: 3.76 3.96 4.80 5.47 5.84 BENCHMARK: 3.68 3.87 4.73 5.33 5.60 SPREAD: 0.07 0.09 0.07 0.14 0.24 2006: COMPOSITE: 4.17 5.33 6.04 6.37 BENCHMARK: 4.06 5.25 5.88 6.08 SPREAD: 0.11 0.07 0.16 0.29 2005: COMPOSITE: 6.50 6.99 7.11 BENCHMARK: 6.46 6.80 6.77 SPREAD: 0.03 0.19 0.35 2004: COMPOSITE: 7.49 7.42 BENCHMARK: 7.15 6.92 SPREAD: 0.35 0.51 2003: COMPOSITE: 7.36 BENCHMARK: 6.69 SPREAD: 0.66

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 8 of 41 Bonds - Fixed Income

Notes to the Bonds - Fixed Income Composite:

1. Composite description

The composite objective is to obtain a return above its benchmark index while investing mainly in Canadian debt securities. On July 1, 2010, private debt activities were transferred from the Investments and Infrastructure composite to this composite. Prior to July 1, 2010, the composite was composed exclusively of publicly-quoted bonds. For the periods prior to July 1, 2003, this composite was a subgroup of the Bonds composite. Since then, the two composites reflect the same strategy.

The composite may include derivative financial instruments in the normal course of investment management. Derivatives are mainly used to hedge positions, reduce market risk and take advantage of arbitrage opportunities. Securites lending and borrowing activities, as well as shorting activities are permitted in the composite within authorized limits. The structure of non-synthetic asset-backed securities should not contain any leverage component. Since May 1, 2003, a non-material portion of this composite has been allocated to external managers.

2. Composite creation date The composite was created on October 1, 2003.

3. Benchmark index

Since July 1, 2010, the benchmark index has been the Dex Universe Bond Index (Adjusted). The DEX provincial bond and DEX municipal bond composites have been replaced with the DEX Québec Bond composite. Prior to this date, the benchmark for this composite was the DEX Universe Bond Index. The change in the benchmark index was done to better reflect the overweighting of Québec bonds in the composite.

4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 12 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 11 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 9 of 41 Long-Term Bonds Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month (0.01) 0.01 (0.02) 2012 $3,678,975 $175,192,938 2.10 5.87 5.85 3 month 0.11 0.19 (0.08) 2011 $3,758,146 $158,706,574 2.37 6.54 6.51 6 month 1.67 1.78 (0.11) 2010 $3,597,657 $151,387,764 2.38 7.34 7.51 Year to date 3.43 3.70 (0.26) 2009 $3,102,148 $131,103,348 2.37 7.12 7.29 2008 $3,039,517 $117,950,388 2.58 7.13 7.33 2007 $3,175,403 $155,140,783 2.05 n/a n/a 2006 $3,193,092 $142,716,112 2.24 n/a n/a 2005 $1,937,173 $121,925,703 1.59 n/a n/a

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 3.43 10.74 11.26 8.89 8.03 7.46 6.90 n/a BENCHMARK: 3.70 10.91 11.38 8.76 8.23 7.58 7.04 n/a SPREAD: (0.26) (0.17) (0.13) 0.14 (0.20) (0.12) (0.14) n/a 2011: COMPOSITE: 18.55 15.38 10.78 9.21 8.29 7.49 n/a BENCHMARK: 18.63 15.43 10.50 9.40 8.38 7.61 n/a SPREAD: (0.08) (0.05) 0.28 (0.19) (0.09) (0.12) n/a 2010: COMPOSITE: 12.30 7.08 6.26 5.86 5.41 n/a BENCHMARK: 12.32 6.64 6.48 5.95 5.53 n/a SPREAD: (0.02) 0.44 (0.22) (0.09) (0.12) n/a 2009: COMPOSITE: 2.11 3.37 3.80 3.75 n/a BENCHMARK: 1.25 3.67 3.91 3.90 n/a SPREAD: 0.86 (0.31) (0.12) (0.14) n/a 2008: COMPOSITE: 4.64 4.65 4.31 n/a BENCHMARK: 6.16 5.27 4.80 n/a SPREAD: (1.51) (0.62) (0.49) n/a 2007: COMPOSITE: 4.66 4.14 n/a BENCHMARK: 4.39 4.12 n/a SPREAD: 0.27 0.02 n/a 2006: COMPOSITE: 3.63 n/a BENCHMARK: 3.86 n/a SPREAD: (0.23) n/a 2005: COMPOSITE: n/a BENCHMARK: n/a SPREAD: n/a

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 10 of 41 Long-Term Bonds

Notes to the Long-Term Bonds Composite:

1. Composite description

This composite consists essentially of Canadian bonds with long-term maturities. Since January 1, 2010 , the composite's objective is to replicate the benchmark return. Since July 1, 2010, this composite can no longer use any leverage or any short positions, with the exception of a preset margin of error for the leverage in order to apply the optimized replication method based on authorized limits. The composite is not permitted to use derivatives in the normal course of investment management. Securities lending and borrowing activities are permitted in the composite within authorized limits.

2. Composite creation date The composite was created on April 1, 2005.

3. Benchmark index

Since January 1, 2012, the benchmark index named DEX Long Term Government Bond Index (Adjusted) consists of 10% DEX Long Term Federal Bonds, 40% DEX Long Term Provincial Bonds and 50% DEX Long Term Québec Bonds. These changes were made in order to better reflect the makeup of the composite.

From January 1, 2011 to December 31, 2011, the benchmark index was the DEX Long Term Government Bond Index (Adjusted) which was a combination of 25% DEX Long Term Federal Bonds, 25% DEX Long Term Provincial Bonds and 50% DEX Long Term Québec Bonds. These changes were made in order to better reflect the makeup of the composite.

From July 1, 2010, to December 31, 2010, the benchmark index for this composite was the DEX Long Term Government Bond Index (Adjusted) where the Provinces portion was replaced by Québec bonds. This change of index has been made to better reflect the overweighting of Québec bonds in the composite. From September 1, 2005, to June 30, 2010, the benchmark index for this composite was the DEX Long Term Government Bond Index.

While the composite was being implemented in April 2005, the benchmark was a combination of 50% Scotia Capital Long Term Government Bond Index and 50% Scotia Capital Long Term Federal Bond Index. The proportion was adjusted monthly by 10% until it was fully replaced with the Scotia Capital Long Term Government Bond Index in September 2005.

4. Calculation period The composite return is calculated from April 1, 2005, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 7 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 7 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 11 of 41 Real Estate Debt Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month (0.25) (0.13) (0.12) 2012 $7,574,217 $175,192,938 4.32 3.89 3.03 3 month 1.26 0.30 0.96 2011 $6,679,713 $158,706,574 4.21 11.27 3.21 6 month 1.80 1.54 0.27 2010 $8,607,291 $151,387,764 5.69 11.11 4.40 Year to date 5.14 3.60 1.54 2009 $9,019,927 $131,103,348 6.88 10.60 4.09 2008 $11,331,733 $117,950,388 9.61 4.41 4.05 2007 $11,506,095 $155,140,783 7.42 4.04 3.01 2006 $9,053,201 $142,716,112 6.34 2.85 3.12 2005 $6,389,641 $121,925,703 5.24 3.30 3.61 2004 $4,315,533 $102,393,353 4.21 3.41 3.75 2003 $3,254,092 $89,336,739 3.64 4.02 4.17

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 5.14 9.94 12.27 3.04 0.81 0.84 1.62 2.74 3.73 4.30 BENCHMARK: 3.60 6.51 6.72 7.17 5.04 4.79 4.84 5.05 5.28 5.42 SPREAD: 1.54 3.43 5.55 (4.12) (4.23) (3.95) (3.21) (2.30) (1.55) (1.12) 2011: COMPOSITE: 14.96 16.02 2.36 (0.24) 0.00 1.05 2.41 3.56 4.20 BENCHMARK: 9.51 8.31 8.38 5.41 5.03 5.05 5.25 5.49 5.62 SPREAD: 5.45 7.70 (6.03) (5.65) (5.03) (4.00) (2.85) (1.93) (1.42) 2010: COMPOSITE: 17.09 (3.42) (4.84) (3.43) (1.52) 0.45 2.02 2.93 BENCHMARK: 7.13 7.82 4.07 3.94 4.18 4.56 4.93 5.15 SPREAD: 9.95 (11.24) (8.92) (7.37) (5.70) (4.11) (2.90) (2.21) 2009: COMPOSITE: (20.33) (14.22) (9.44) (5.69) (2.58) (0.29) 1.06 BENCHMARK: 8.52 2.58 2.89 3.45 4.05 4.56 4.86 SPREAD: (28.85) (16.79) (12.33) (9.14) (6.63) (4.86) (3.81) 2008: COMPOSITE: (7.64) (3.44) (0.24) 2.44 4.28 5.14 BENCHMARK: (3.04) 0.19 1.81 2.97 3.79 4.27 SPREAD: (4.60) (3.63) (2.05) (0.52) 0.49 0.87 2007: COMPOSITE: 0.94 3.68 6.04 7.49 7.90 BENCHMARK: 3.52 4.33 5.05 5.57 5.79 SPREAD: (2.58) (0.65) 0.99 1.92 2.11 2006: COMPOSITE: 6.48 8.69 9.77 9.72 BENCHMARK: 5.14 5.82 6.26 6.37 SPREAD: 1.35 2.87 3.51 3.35 2005: COMPOSITE: 10.94 11.45 10.82 BENCHMARK: 6.51 6.83 6.78 SPREAD: 4.43 4.63 4.03 2004: COMPOSITE: 11.97 10.75 BENCHMARK: 7.15 6.92 SPREAD: 4.82 3.83 2003: COMPOSITE: 9.55 BENCHMARK: 6.69 SPREAD: 2.86

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 12 of 41 Real Estate Debt

Notes to the Real Estate Debt Composite:

1. Composite description

This composite consists mainly of loan activities and mortgage securities. It includes a large range of investment products including: first rank mortgages, subordinated debt, bridge loans (mainly variable-rate construction loans), commercial mortgage- backed securities (CMBS), collateralized debt obligations (CDO), and other structured loans backed by real estate equity, as well as mezzanine debt.

The composite may include derivative instruments to hedge against credit risk, currency risk and interest rate risk. They may also be used to match the composite duration to that of the benchmark index or to guarantee a rate to a borrower.

This composite should not contain any leverage component, with the exception of leverage resulting from securitization and repossessions where a mortgage loan on a repossessed property already exists, following any operational consolidation as well as amounts owed to minority shareholders. However, a leverage component is tolerated only if it is a result of the effects of duration or currency hedging activities.

2. Composite creation date The composite was created on September 1, 1998.

3. Benchmark index

Since January 1, 2012, the benchmark index for this composite is the DEX Universe Bond Index. From January 1, 2010 to December 31, 2011, the benchmark index for this composite consisted of 90% DEX Universe Bond Index and 10% Giliberto-Levy Index (Hedged). From October 1, 2005 to December 31, 2009, the benchmark index consisted of 90% DEX Universe Bond Index and 10% Barclays CMBS B Index (Hedged). From January 1, 1999 to September 30, 2005, the benchmark index for this composite was the Scotia Capital Universe Bond Index. These changes were justified to better reflect the composition of the composite.

4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees and subsidiaries fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 7 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 9 basis points.

6. Investment valuation

The market values of the real estate debt (including first rank mortgages, construction bridge loans, subordinated debt and mezzanine debt) are determined at the end of each month and as the sum of the following: 1. The present value of future cash flows which is less than the estimated market value of the underlying asset using the discount rate discussed below; 2. The present value of future cash flows which is greater than the estimated market value of the underlying asset while using a rate equivalent to the return on equity. For the majority of the CMBS and CDO, the valuations are based on: • Market prices of similar securities quoted by large financial institutions for liquid rated securities; • The present value of cash flows for illiquid rated securities using the discount rate discussed below.

The discount rate is made up of the risk-free rate plus a spread which takes into account the type of building, the location, the terms and conditions of the loan as well as the maturity date. An increase in the credit spread is estimated by upper management based on general market data and is reviewed by the audit committee.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 13 of 41 Real Return Bonds Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month (0.83) (0.77) (0.06) 2012 $1,227,452 $175,192,938 0.70 6.43 6.42 3 month (0.02) 0.03 (0.05) 2011 $1,288,122 $158,706,574 0.81 8.51 8.19 6 month 1.21 1.27 (0.05) 2010 $939,609 $151,387,764 0.62 11.75 11.39 Year to date 2.72 2.85 (0.13) 2009 $652,763 $131,103,348 0.50 11.87 11.47 2008 $557,727 $117,950,388 0.47 10.10 10.02 2007 $861,805 $155,140,783 0.56 5.64 5.56 2006 $1,059,916 $142,716,112 0.74 5.97 5.84 2005 $1,249,024 $121,925,703 1.02 n/a n/a 2004 $1,090,673 $102,393,353 1.07 n/a n/a

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 2.72 10.27 10.55 12.15 9.13 7.82 6.21 7.28 8.42 BENCHMARK: 2.85 10.33 10.58 11.55 9.23 7.92 6.30 7.38 8.46 SPREAD: (0.13) (0.06) (0.03) 0.60 (0.10) (0.10) (0.10) (0.10) (0.04) 2011: COMPOSITE: 18.37 14.69 15.48 10.79 8.87 6.80 7.94 9.15 BENCHMARK: 18.35 14.66 14.61 10.88 8.96 6.89 8.04 9.18 SPREAD: 0.02 0.03 0.88 (0.09) (0.09) (0.09) (0.10) (0.03) 2010: COMPOSITE: 11.12 14.07 8.37 6.62 4.62 6.30 7.90 BENCHMARK: 11.09 12.78 8.50 6.73 4.73 6.41 7.93 SPREAD: 0.03 1.29 (0.13) (0.11) (0.11) (0.11) (0.03) 2009: COMPOSITE: 17.09 7.02 5.16 3.06 5.36 7.37 BENCHMARK: 14.50 7.23 5.32 3.20 5.50 7.41 SPREAD: 2.59 (0.21) (0.16) (0.14) (0.14) (0.05) 2008: COMPOSITE: (2.18) (0.35) (1.24) 2.61 5.52 BENCHMARK: 0.42 1.01 (0.31) 3.36 6.05 SPREAD: (2.60) (1.35) (0.93) (0.75) (0.53) 2007: COMPOSITE: 1.52 (0.76) 4.26 7.54 BENCHMARK: 1.59 (0.67) 4.36 7.51 SPREAD: (0.08) (0.09) (0.10) 0.03 2006: COMPOSITE: (2.99) 5.66 9.63 BENCHMARK: (2.89) 5.77 9.55 SPREAD: (0.10) (0.11) 0.07 2005: COMPOSITE: 15.08 16.54 BENCHMARK: 15.20 16.36 SPREAD: (0.13) 0.18 2004: COMPOSITE: 18.02 BENCHMARK: 17.53 SPREAD: 0.49

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 14 of 41 Real Return Bonds

Notes to the Real Return Bonds Composite:

1. Composite description

This composite consists of the Caisse's investments in Canadian real return bonds. The face value of real return bonds is directly linked to the Consumer Price Index. Since January 1, 2010, the composite objective is to replicate the benchmark return. The composite may not include derivatives in the normal course of its management. Since July 1, 2010, this composite can no longer use any leverage, nor contain any short positions, with the exception of a preset margin of error used for leverage to implement a replication optimization strategy based on authorized limits. Securites lending and borrowing activities are allowed in the composite within authorized limits.

2. Composite creation date The composite was created on October 1, 2004.

3. Benchmark index The benchmark index for this composite is the DEX Real Return Bond Index.

4. Calculation period The composite return is calculated from January 1, 2004, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 17 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 8 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 15 of 41 Infrastructure Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 4.20 1.80 2.39 2012 $6,306,972 $175,192,938 3.60 n/a n/a 3 month 4.14 3.99 0.15 2011 $5,751,198 $158,706,574 3.62 n/a n/a 6 month 4.70 10.48 (5.78) 2010 $4,332,759 $151,387,764 2.86 n/a n/a Year to date 8.74 15.00 (6.26)

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 8.74 15.79 n/a BENCHMARK: 15.00 13.84 n/a SPREAD: (6.26) 1.94 n/a 2011: COMPOSITE: 23.28 n/a BENCHMARK: 12.70 n/a SPREAD: 10.59 n/a 2010: COMPOSITE: n/a BENCHMARK: n/a SPREAD: n/a

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 16 of 41 Infrastructure

Notes to the Infrastructure Composite:

1. Composite description

This composite consists primarily of equity investments intent on maintaining and developing companies involved in the infrastructure sector. These investments can take the form of a direct interest in a private or public company and which undertake the development of assets involved in utilities. These investments can be carried out in companies that are in the development or mature stage of the business cycle.

The composite may include derivative financial instruments in the normal course of its management. Derivatives are used to hedge interest rate and currency risk. The composite should not contain any leverage component. However, a leverage component is tolerated only if it is a result of currency hedging activities. The standard deviation is not presented due to the absence of 36 months of historical returns. A portion of the composite assets is allocated to investment funds. At each valuation date, the fair value of the investment funds are given by general partner. This valuation is then compared to the audited financial statements given by the general partner. These funds represents 4% of the composite assets.

2. Composite creation date The composite was created on July 1, 2010.

3. Benchmark index The benchmark index is comprised of a basket of publicly traded infrastructure stocks provided by Standard & Poor's (Hedged).

Over a short time frame, it’s possible to observe significant differences between the return of the composite and its index. The index is composed of publicly traded securities, while the composite is mainly invested in privately issued securities. The difference in return represents a market variation.

4. Calculation period The composite return is calculated from July 1, 2010, to December 31, 2012.

5. Operating expenses and other fees

The returns are calculated before operating expenses and other fees, but net of transaction fees and investment fund management fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 37 basis points. Since the inception of the composite (July 1, 2010), to December 31, 2011, the fees have averaged 58 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 17 of 41 Real Estate Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 9.71 5.03 4.68 2012 $17,973,935 $175,192,938 10.26 9.18 6.85 3 month 10.44 5.03 5.42 2011 $18,204,805 $158,706,574 11.47 11.24 8.42 6 month 10.11 7.24 2.87 2010 $16,770,823 $151,387,764 11.08 14.45 8.93 Year to date 12.43 13.18 (0.75) 2009 $14,311,038 $131,103,348 10.92 14.19 10.30 2008 $14,111,088 $117,950,388 11.96 14.05 11.20 2007 $17,584,287 $155,140,783 11.33 11.49 12.02 2006 $14,098,564 $142,716,112 9.88 12.95 11.76 2005 $10,813,364 $121,925,703 8.87 11.74 10.10 2004 $7,796,077 $102,393,353 7.61 8.80 6.12 2003 $7,716,944 $89,336,739 8.64 3.99 4.22

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 12.43 11.69 12.27 5.44 (0.71) 2.52 6.11 9.71 11.74 12.11 BENCHMARK: 13.18 14.40 13.45 5.45 3.62 6.82 9.50 11.98 12.77 12.55 SPREAD: (0.75) (2.70) (1.18) (0.01) (4.33) (4.30) (3.39) (2.27) (1.04) (0.44) 2011: COMPOSITE: 10.96 12.19 3.21 (3.75) 0.64 5.09 9.33 11.65 12.07 BENCHMARK: 15.63 13.58 3.00 1.36 5.59 8.90 11.81 12.72 12.48 SPREAD: (4.66) (1.40) 0.21 (5.10) (4.95) (3.81) (2.48) (1.07) (0.41) 2010: COMPOSITE: 13.42 (0.47) (8.20) (1.79) 3.95 9.06 11.75 12.21 BENCHMARK: 11.58 (2.79) (3.00) 3.22 7.60 11.19 12.32 12.09 SPREAD: 1.84 2.33 (5.21) (5.01) (3.65) (2.13) (0.57) 0.12 2009: COMPOSITE: (12.65) (17.42) (6.39) 1.71 8.21 11.47 12.04 BENCHMARK: (15.31) (9.56) 0.58 6.63 11.11 12.44 12.16 SPREAD: 2.66 (7.86) (6.96) (4.92) (2.90) (0.96) (0.12) 2008: COMPOSITE: (21.92) (3.09) 7.01 14.16 17.05 16.78 BENCHMARK: (3.41) 9.61 15.14 18.91 19.00 17.54 SPREAD: (18.51) (12.69) (8.13) (4.75) (1.95) (0.75) 2007: COMPOSITE: 20.29 25.27 29.57 29.51 26.58 BENCHMARK: 24.37 25.70 27.45 25.37 22.24 SPREAD: (4.09) (0.44) 2.13 4.15 4.33 2006: COMPOSITE: 30.46 34.48 32.74 28.20 BENCHMARK: 27.05 29.01 25.70 21.72 SPREAD: 3.41 5.47 7.04 6.48 2005: COMPOSITE: 38.62 33.90 27.46 BENCHMARK: 31.00 25.03 19.99 SPREAD: 7.62 8.87 7.47 2004: COMPOSITE: 29.34 22.22 BENCHMARK: 19.33 14.84 SPREAD: 10.01 7.38 2003: COMPOSITE: 15.49 BENCHMARK: 10.52 SPREAD: 4.97

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 18 of 41 Real Estate

Other Returns Presented as at December, 31 (as a percentage):

Capital Appreciation Current Income Total Return (Depreciation)

2012 3.50 8.63 12.43 2011 4.17 6.57 10.96 2010 4.61 8.42 13.42 2009 4.41 (16.34) (12.65) 2008 3.71 (24.71) (21.92) 2007 3.99 15.67 20.29 2006 5.72 23.40 30.46 2005 5.95 30.84 38.62 2004 6.71 21.21 29.34 2003 8.16 6.77 15.49

Notes to the Real Estate Composite:

1. Composite description

This composite consists of the Caisse's investments in its real estate subsidiaries. More than 85% of the composite is comprised of direct holdings. The remaining investments held by the real estate subsidiaries include investment trusts, mortgages, equities and convertible securities, which are primarily related to real estate assets.

All current income generated by the real estate subsidiaries are reinvested in the Real Estate composite. Leasing costs and other leasehold improvements are depreciated over the term of the lease. The returns also include the return on liquidity management. The composite, through its real estate subsidiaries, may include derivative instruments in the normal course of investment management. Derivatives are used to hedge against currency risk, to manage interest rate risk and manage the duration of the debt.

For direct holdings, the maximum leverage is limited to 55% of the assets. No leverage is permitted for indirect holdings. Securites lending and borrowing activities, as well as shorting are permitted in the composite within authorized limits. At each valuation date, investments held through external investment funds are valued internally by the real estate subsidiaries. This valuation is subsequently compared to the fair market value provided by the general partner or administrator. These funds represents 4% of the composite assets.

2. Composite creation date

The composite was created on September 1, 1998.

3. Benchmark index

Since January 1, 2010, the benchmark index has been named Aon Hewitt-Real Estate Index (Adjusted) and consists of 40% IPD Canada Index, 30% NCREIF Index (Hedged), 15% IPD UK Index (Hedged), 15% IPD France Index (Hedged), less financing costs, management fees and taxes. Since July 1, 2012, a DEX 30-day T-Bill component was also added to the calculation of the benchmark. This component represents 3% of the benchmark index. The leverage cost consist of 50% hedged internal debt cost, 25% 3-year hedged US bond rate plus a 2-3 year mortgage spread Giliberto-Levy, and a 25% 3-year Canadian bond rate plus a Canadian credit spread.

Until December 31, 2009, the benchmark was named Aon-Real Estate Index and consisted of 70% IPD Canadian Property Index and 30% NCREIF Index (Hedged), minus a proportion of the DEX Short Term Corporate Index to reflect leverage. The changes made to the index were justified to better reflect the composition of the composite.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 19 of 41 4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees and subsidiaries fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 7 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 10 basis points.

6. Investment valuation As mentionned in the "Composite description" section, this composite consists of Caisse's investments in its real estate subsidiaries. More than 85% of this composite consists of direct holdings. The remaining investments held by the real estate subsidiaries include investment trusts, mortgages, equities and convertible securities, which are primarily related to real estate

Since fundamental factors affecting fair value do not vary significantly over short periods, real estate holdings are appraised each semester since June 2007 and annually prior to that date. These appraisals are performed by recognized and independent chartered business appraisers. To establish a value as at June 30, the appraisers update the capitalization rates and certify the new value. An appraisal is performed at December 31 of each year.

However, each quarter, upon the sale of assets, a gain or loss on the assets is determined. Moreover, it may be the case that a new valuation is mandated between semesters if there is a request for financing or for taxation purposes where a fair value needs to be established. If this valuation results in a significant change in fair market value, it will be recorded during the quarter.

The fair value of non real-estate securities (investment trusts, mortgages, equities and convertible securities, derivatives instruments) is established according to appropriate valuation methods. In October 2012, the International Accounting Standards Board published a document entitled Investment entities (IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 27 Consolidated and Separate Financial Statements) requires a company considered an investment entity to evaluate each of its controlling entities at its fair market value. The Accounting Standards Board of Canada integrated these changes in Part I of the CICA manual and will take effect for fiscal periods beginning January 1, 2014, anticipated application of the changes are permitted. For the Real Estate composite, the provisions in the Investment Entities document have been early adopted beginning January 1, 2012.

According to IFRS, the fair market value of the non-consolidated subsidiaries held by minority shareholders is established using an enterprise valuation method. The fair market value derived from the enterprise valuation is established using a widely used valuation method, the publicly traded companies multiples method. This method relies on observable and non-observable inputs, like available market multiples. The fair market value is reviewed on an annual basis by an independent external firm.

The change in accounting policy had a positive impact of 4.0% on the composite return for 2012.

7. Other returns presented In addition to the overall return, the annual returns are presented based on capital appreciation or depreciation, and current operating income. Prior to January 1, 2011, these returns were calculated to ensure that the composite's total return equalled the geometric sum of both components.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 20 of 41 Canadian Equity Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 2.02 2.04 (0.02) 2012 $22,023,752 $175,192,938 12.57 12.14 11.39 3 month 2.14 1.89 0.25 2011 $18,564,397 $158,706,574 11.70 15.85 14.87 6 month 8.04 8.75 (0.70) 2010 $19,312,200 $151,387,764 12.76 21.25 20.23 Year to date 6.59 7.73 (1.14) 2009 $17,050,443 $131,103,348 13.01 20.87 19.74 2008 $12,886,364 $117,950,388 10.93 18.55 17.27 2007 $20,029,648 $155,140,783 12.91 11.07 10.62 2006 $18,885,097 $142,716,112 13.23 10.19 10.14 2005 $17,464,444 $121,925,703 14.32 9.33 9.72 2004 $15,347,875 $102,393,353 14.99 10.66 11.31 2003 $15,630,303 $89,336,739 17.50 13.70 14.33

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 6.59 (2.40) 3.30 10.78 0.37 2.32 4.92 6.81 7.71 9.53 BENCHMARK: 7.73 (0.55) 5.17 11.95 1.03 2.44 4.44 6.72 7.56 9.33 SPREAD: (1.14) (1.85) (1.87) (1.17) (0.66) (0.13) 0.48 0.09 0.16 0.19 2011: COMPOSITE: (10.63) 1.69 12.21 (1.13) 1.49 4.65 6.84 7.85 9.86 BENCHMARK: (8.20) 3.91 13.40 (0.58) 1.42 3.90 6.58 7.53 9.51 SPREAD: (2.43) (2.22) (1.19) (0.54) 0.07 0.75 0.26 0.32 0.34 2010: COMPOSITE: 15.71 25.74 2.26 4.76 8.00 10.07 10.79 12.73 BENCHMARK: 17.61 26.03 2.09 3.98 6.51 9.26 9.99 11.95 SPREAD: (1.90) (0.29) 0.17 0.79 1.50 0.81 0.80 0.77 2009: COMPOSITE: 36.64 (3.86) 1.35 6.16 8.97 9.99 12.31 BENCHMARK: 35.05 (4.88) (0.21) 3.90 7.66 8.77 11.17 SPREAD: 1.58 1.01 1.56 2.26 1.31 1.22 1.14 2008: COMPOSITE: (32.36) (12.71) (2.41) 2.98 5.32 8.70 BENCHMARK: (33.00) (14.22) (4.80) 1.73 4.16 7.62 SPREAD: 0.65 1.51 2.39 1.25 1.16 1.08 2007: COMPOSITE: 12.64 17.22 18.47 17.65 19.52 BENCHMARK: 9.83 13.49 16.93 16.31 18.32 SPREAD: 2.81 3.74 1.54 1.33 1.19 2006: COMPOSITE: 22.00 21.50 19.36 21.30 BENCHMARK: 17.26 20.64 18.56 20.55 SPREAD: 4.73 0.85 0.81 0.75 2005: COMPOSITE: 21.00 18.07 21.07 BENCHMARK: 24.13 19.21 21.66 SPREAD: (3.13) (1.14) (0.59) 2004: COMPOSITE: 15.21 21.10 BENCHMARK: 14.48 20.45 SPREAD: 0.72 0.65 2003: COMPOSITE: 27.30 BENCHMARK: 26.72 SPREAD: 0.57

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 21 of 41 Canadian Equity

Notes to the Canadian Equity Composite:

1. Composite description

The Canadian Equity composite objective is to obtain a return above its benchmark index. Its goal is to grow its capital base using a long-term approach. The assets under management are invested based on two strategies: a fundamental approach and an absolute return strategy. Prior to July 1, 2003, the Canadian Equity composite included public and private investments. Since then the composite contains Canadian equity investments made in public markets. Foreign investments in this composite may not exceed the imposed 5% foreign content limit. The composite may include derivative instruments in the normal course of investment management. Derivatives are mainly used to hedge currency risk, to manage interest rate risk and to take advantage of arbitrage opportunities.

This composite may include a leverage component of up to 5% in the normal course of its investing activities. The absolute return activities linked to the financial engineering activities and to the borrowing/lending of assets are excluded when calculating the leverage component. Securites lending and borrowing activities are permitted in the composite within authorized limits. A non-material portion of the composite assets is allocated to external managers.

2. Composite creation date The composite was created on September 1, 1998.

3. Benchmark index

Since March 1, 2011, the benchmark index has consisted of 90% S&P/TSX Capped Composite Index and 10% Morningstar Québec National Bank Index. The change to the benchmark index was to better reflect the makeup of the composite which contains a strategy based on which companies are headquartered in Québec. Prior to this date, the benchmark index was the S&P/TSX Capped Composite Index.

4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 25 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 22 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 22 of 41 Publicly Traded Canadian Equity Markets Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 2.02 2.04 (0.02) 2012 $22,023,752 $175,192,938 12.57 12.14 11.39 3 month 2.14 1.89 0.25 2011 $18,564,397 $158,706,574 11.70 15.85 14.87 6 month 8.04 8.75 (0.70) 2010 $19,312,200 $151,387,764 12.76 21.25 20.23 Year to date 6.59 7.73 (1.14) 2009 $17,050,443 $131,103,348 13.01 20.87 19.74 2008 $12,886,364 $117,950,388 10.93 18.55 17.27 2007 $20,029,648 $155,140,783 12.91 11.07 10.62 2006 $18,885,097 $142,716,112 13.23 10.19 10.14 2005 $17,464,444 $121,925,703 14.32 9.47 9.72 2004 $15,347,875 $102,393,353 14.99 11.42 11.31 2003 $15,630,303 $89,336,739 17.50 16.12 15.86

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 6.59 (2.40) 3.30 10.78 0.37 2.32 4.92 6.81 7.71 9.56 BENCHMARK: 7.73 (0.55) 5.17 11.95 1.03 2.44 4.44 6.72 7.55 9.33 SPREAD: (1.14) (1.85) (1.87) (1.17) (0.66) (0.13) 0.48 0.09 0.16 0.23 2011: COMPOSITE: (10.63) 1.69 12.21 (1.13) 1.49 4.65 6.84 7.85 9.90 BENCHMARK: (8.20) 3.91 13.40 (0.58) 1.42 3.90 6.58 7.53 9.51 SPREAD: (2.43) (2.22) (1.19) (0.54) 0.07 0.75 0.26 0.32 0.39 2010: COMPOSITE: 15.71 25.74 2.26 4.76 8.00 10.07 10.79 12.78 BENCHMARK: 17.61 26.03 2.09 3.98 6.51 9.26 9.99 11.95 SPREAD: (1.90) (0.29) 0.17 0.79 1.50 0.81 0.80 0.82 2009: COMPOSITE: 36.64 (3.86) 1.35 6.16 8.97 9.99 12.36 BENCHMARK: 35.05 (4.88) (0.21) 3.90 7.66 8.77 11.17 SPREAD: 1.58 1.01 1.56 2.26 1.31 1.22 1.19 2008: COMPOSITE: (32.36) (12.71) (2.41) 2.98 5.32 8.76 BENCHMARK: (33.00) (14.22) (4.80) 1.73 4.16 7.62 SPREAD: 0.65 1.51 2.39 1.25 1.16 1.14 2007: COMPOSITE: 12.64 17.22 18.47 17.65 19.60 BENCHMARK: 9.83 13.49 16.93 16.31 18.32 SPREAD: 2.81 3.74 1.54 1.33 1.27 2006: COMPOSITE: 22.00 21.50 19.36 21.40 BENCHMARK: 17.26 20.64 18.55 20.55 SPREAD: 4.73 0.85 0.81 0.86 2005: COMPOSITE: 21.00 18.07 21.21 BENCHMARK: 24.13 19.21 21.66 SPREAD: (3.13) (1.14) (0.45) 2004: COMPOSITE: 15.21 21.31 BENCHMARK: 14.48 20.45 SPREAD: 0.73 0.86 2003: COMPOSITE: 27.73 BENCHMARK: 26.72 SPREAD: 1.01

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 23 of 41 Publicly Traded Canadian Equity Markets

Notes to the Publicly Traded Canadian Equity Markets Composite:

1. Composite description

The Publicly Traded Canadian Equity Markets composite objective is to obtain a return above its benchmark. index Its goal is to grow its capital base with a long-term approach. The assets under management are invested using two strategies: a fundamental approach and an absolute return strategy.

The Publicly Traded Canadian Equity Markets composite contains only public market equity investments. It is a sub-group of the Canadian Equity composite. Prior to July 1, 2003, its returns differed from the Canadian Equity composite, as the latter included private equity investments. Since then, the Publicly Traded Canadian Equity Markets and Canadian Equity composites reflect the same strategy. Foreign investments in this composite may not exceed the imposed 5% foreign content limit. This composite may include derivative instruments in the normal course of investment management. Derivatives are mainly used to hedge currency risk, to manage interest rate risk and to take advantage of arbitrage opportunities.

This composite may include a leverage component of up to 5% in the normal course of its investing activities. The absolute return strategy linked to the financial engineering activities and to the borrowing/lending of assets are excluded when calculating the leverage component. Securites lending and borrowing activities are permitted in the composite within authorized limits. A non-material portion of the composite assets are allocated to external managers.

2. Composite creation date The composite was created on October 1, 2003.

3. Benchmark index

Since March 1, 2011, the benchmark index has consisted of 90% S&P/TSX Capped Composite Index and 10% Morningstar Québec National Bank Index. The change to the benchmark was to better reflect the makeup of the composite which contains a strategy based on which companies are headquartered in Québec. Prior to this date, the benchmark has been the S&P/TSX Capped Composite Index.

4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 25 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 22 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 24 of 41 Global Equity Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 2.63 2.51 0.12 2012 $13,752,787 $175,192,938 7.85 n/a n/a 3 month 4.11 4.11 0.00 2011 $10,855,120 $158,706,574 6.84 n/a n/a 6 month 6.99 7.35 (0.37) 2010 $5,873,087 $151,387,764 3.88 n/a n/a Year to date 13.98 13.56 0.42

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 13.98 3.69 n/a BENCHMARK: 13.56 3.84 n/a SPREAD: 0.42 (0.15) n/a 2011: COMPOSITE: (5.67) n/a BENCHMARK: (5.05) n/a SPREAD: (0.62) n/a 2010: COMPOSITE: n/a BENCHMARK: n/a SPREAD: n/a

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 25 of 41 Global Equity

Notes to the Global Equity Composite:

1. Composite description

Thie Global Equity composite objective consists of offering value added above the MSCI ACWI Index. The assets under management of the composite are invested using the following investment strategies: long/short strategies, external managers, absolute return strategies, Chinese investments and indexed management. The composite may include derivative instruments in the normal course of investment management. Derivatives are used mainly to take advantage of arbitrage opportunities, hedge currency risk and to manage interest rate risk.

Investment activities in this composite may include a leverage component of up to 5%. The absolute return group strategies linked to the financial engineering activities and to the borrowing/lending of assets are excluded when calculating the leverage component. Securites lending and borrowing activities are permitted in the composite within authorized limits. A portion of the composite assets is allocated to external managers. The standard deviation of this composite is not presented due to the absence of 36 months of historical returns.

2. Composite creation date The composite was created on April 1, 2010.

3. Benchmark index The benchmark index for this composite is the MSCI ACWI Unhedged.

4. Calculation period The composite return is calculated from April 1, 2010, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 44 basis points. Since the inception of the composite (April 1, 2010), to December 31, 2011, the fees have averaged 44 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 26 of 41 U.S. Equity Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 1.17 1.15 0.02 2012 $10,175,564 $175,192,938 5.81 n/a n/a 3 month 0.84 0.81 0.02 2011 $8,120,296 $158,706,574 5.12 n/a n/a 6 month 3.51 3.48 0.03 2010 $5,760,820 $151,387,764 3.81 n/a n/a Year to date 13.51 13.43 0.07

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 13.51 8.97 n/a BENCHMARK: 13.43 8.95 n/a SPREAD: 0.07 0.02 n/a 2011: COMPOSITE: 4.62 n/a BENCHMARK: 4.64 n/a SPREAD: (0.02) n/a 2010: COMPOSITE: n/a BENCHMARK: n/a SPREAD: n/a

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 27 of 41 U.S. Equity

Notes to the U.S. Equity Composite:

1. Composite description

The composite objective is to replicate the S&P 500 return. The composite may include derivatives in the normal course of investment management. Derivatives are used to replicate the composition of the benchmark index and to manage cash and cash equivalents in the short term. Investment activities in this composite may include a leverage component of up to 2% of its net assets, including short positions. Securites lending and borrowing activities are permitted in the composite within authorized limits. The standard deviation is not presented due to the absence of 36 months of historical returns.

2. Composite creation date The composite was created on April 1, 2010.

3. Benchmark index The benchmark index for this composite is the S&P 500 Unhedged.

4. Calculation period The composite return is calculated from April 1, 2010, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 9 basis points. Since the inception of the composite (April 1, 2010), to December 31, 2011, the fees have averaged 9 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 28 of 41 EAFE Foreign Equity Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 3.49 3.44 0.05 2012 $9,827,940 $175,192,938 5.61 n/a n/a 3 month 7.90 7.84 0.05 2011 $9,101,706 $158,706,574 5.73 n/a n/a 6 month 11.41 11.29 0.11 2010 $9,733,462 $151,387,764 6.43 n/a n/a Year to date 15.20 14.72 0.48

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 15.20 2.03 n/a BENCHMARK: 14.72 1.63 n/a SPREAD: 0.48 0.40 n/a 2011: COMPOSITE: (9.63) n/a BENCHMARK: (9.97) n/a SPREAD: 0.34 n/a 2010: COMPOSITE: n/a BENCHMARK: n/a SPREAD: n/a

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 29 of 41 EAFE Foreign Equity

Notes to the EAFE Foreign Equity Composite:

1. Composite description

The composite objective is to replicate the MSCI EAFE Index return. The composite may include derivative instruments in the normal course of investment management. Derivatives are used to manage cash and cash equivalents in the short term. Investment activities in this composite may include a leverage component of up to 0.5% of its net assets. Securites lending and borrowing activities are permitted in the composite within authorized limits. The standard deviation is not presented due to the absence of 36 months of historical returns.

2. Composite creation date The composite was created on April 1, 2010.

3. Benchmark index The benchmark index for this composite is the MSCI EAFE Unhedged.

4. Calculation period The composite return is calculated from April 1, 2010, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 12 basis points. Since the inception of the composite (April 1, 2010), to December 31, 2011, the fees have averaged 10 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 30 of 41 Emerging Markets Equity Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 5.12 5.14 (0.02) 2012 $8,718,216 $175,192,938 4.98 14.96 14.98 3 month 6.85 6.84 0.01 2011 $5,886,235 $158,706,574 3.71 17.12 17.24 6 month 11.14 11.10 0.04 2010 $5,803,254 $151,387,764 3.83 23.86 23.27 Year to date 15.76 15.61 0.15 2009 $4,942,984 $131,103,348 3.77 23.76 23.05 2008 $3,014,620 $117,950,388 2.56 23.50 22.52 2007 $5,000,387 $155,140,783 3.22 16.48 16.08 2006 $4,298,359 $142,716,112 3.01 17.01 16.79 2005 $1,281,022 $121,925,703 1.05 16.43 16.12 2004 $939,335 $102,393,353 0.92 16.53 16.58 2003 $957,481 $89,336,739 1.07 19.04 21.68

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 15.76 (1.63) 2.74 13.09 (2.09) 0.86 4.90 7.80 8.52 10.71 BENCHMARK: 15.61 (1.69) 2.88 13.35 (0.74) 2.19 5.96 8.77 9.59 11.26 SPREAD: 0.15 0.07 (0.14) (0.25) (1.35) (1.33) (1.06) (0.97) (1.07) (0.55) 2011: COMPOSITE: (16.40) (3.22) 12.22 (6.10) (1.88) 3.19 6.71 7.65 10.16 BENCHMARK: (16.40) (2.95) 12.61 (4.45) (0.30) 4.43 7.83 8.87 10.79 SPREAD: 0.00 (0.27) (0.39) (1.65) (1.58) (1.24) (1.12) (1.21) (0.63) 2010: COMPOSITE: 12.05 30.02 (2.40) 2.13 7.63 11.14 11.61 14.03 BENCHMARK: 12.67 30.69 (0.10) 4.19 9.19 12.50 13.05 14.76 SPREAD: (0.63) (0.67) (2.30) (2.06) (1.56) (1.36) (1.44) (0.73) 2009: COMPOSITE: 50.87 (8.90) (0.97) 6.55 10.96 11.54 14.31 BENCHMARK: 51.59 (5.93) 1.51 8.33 12.47 13.11 15.06 SPREAD: (0.72) (2.97) (2.49) (1.78) (1.51) (1.57) (0.75) 2008: COMPOSITE: (44.99) (19.77) (5.11) 2.76 5.00 9.15 BENCHMARK: (41.63) (16.93) (3.14) 4.38 6.68 9.89 SPREAD: (3.37) (2.84) (1.96) (1.62) (1.68) (0.75) 2007: COMPOSITE: 17.02 24.64 26.55 23.43 25.18 BENCHMARK: 18.21 24.76 26.69 24.04 24.71 SPREAD: (1.20) (0.13) (0.14) (0.61) 0.46 2006: COMPOSITE: 32.75 31.61 25.64 27.30 BENCHMARK: 31.67 31.16 26.04 26.40 SPREAD: 1.08 0.45 (0.41) 0.91 2005: COMPOSITE: 30.48 22.23 25.54 BENCHMARK: 30.64 23.32 24.68 SPREAD: (0.16) (1.10) 0.85 2004: COMPOSITE: 14.50 23.14 BENCHMARK: 16.41 21.81 SPREAD: (1.91) 1.33 2003: COMPOSITE: 32.44 BENCHMARK: 27.46 SPREAD: 4.98

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 31 of 41 Emerging Markets Equity

Notes to the Emerging Markets Equity Composite:

1. Composite description

Since April 1, 2010, the composite objective has been to replicate the MSCI EM Index return. Prior to July 1, 2003, the Emerging Markets Equity composite included public and private investments. Since then, the composite consists only of public equity securities. Until March 31, 2010, a portion of the composite assets were allocated to external managers. The composite may include derivative instruments in the normal course of investment management. Derivatives are used to manage cash and cash equivalents in the short term. Investment activities in this composite may include a leverage component of up to 0.5% of its net assets. Securites lending and borrowing activities are permitted in the composite within authorized limits.

2. Composite creation date The composite was created on October 1, 2002.

3. Benchmark index The benchmark index for this composite is the MSCI EM Unhedged.

4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 20 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 37 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 32 of 41 Publicly Traded Emerging Market Equity Markets Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 5.12 5.14 (0.02) 2012 $8,718,216 $175,192,938 4.98 14.96 14.98 3 month 6.85 6.84 0.01 2011 $5,886,235 $158,706,574 3.71 17.12 17.24 6 month 11.14 11.10 0.04 2010 $5,803,254 $151,387,764 3.83 23.86 23.27 Year to date 15.76 15.61 0.15 2009 $4,942,984 $131,103,348 3.77 23.76 23.05 2008 $3,014,620 $117,950,388 2.56 23.50 22.52 2007 $5,000,387 $155,140,783 3.22 16.48 16.08 2006 $4,298,359 $142,716,112 3.01 17.01 16.79 2005 $1,281,022 $121,925,703 1.05 16.29 16.12 2004 $939,335 $102,393,353 0.92 16.20 16.58 2003 $957,481 $89,336,739 1.07 21.99 21.68

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 15.76 (1.63) 2.74 13.09 (2.09) 0.86 4.90 7.80 8.52 10.35 BENCHMARK: 15.61 (1.69) 2.88 13.35 (0.74) 2.19 5.96 8.77 9.59 11.26 SPREAD: 0.15 0.07 (0.14) (0.25) (1.35) (1.33) (1.06) (0.97) (1.07) (0.92) 2011: COMPOSITE: (16.40) (3.22) 12.22 (6.10) (1.88) 3.19 6.71 7.65 9.76 BENCHMARK: (16.40) (2.95) 12.61 (4.45) (0.30) 4.43 7.83 8.87 10.79 SPREAD: 0.00 (0.27) (0.39) (1.65) (1.58) (1.24) (1.12) (1.21) (1.03) 2010: COMPOSITE: 12.05 30.02 (2.40) 2.13 7.63 11.14 11.61 13.56 BENCHMARK: 12.67 30.69 (0.10) 4.19 9.19 12.50 13.05 14.76 SPREAD: (0.63) (0.67) (2.30) (2.06) (1.56) (1.36) (1.44) (1.20) 2009: COMPOSITE: 50.87 (8.90) (0.97) 6.55 10.96 11.54 13.78 BENCHMARK: 51.59 (5.93) 1.51 8.33 12.47 13.11 15.06 SPREAD: (0.72) (2.97) (2.49) (1.78) (1.51) (1.57) (1.28) 2008: COMPOSITE: (44.99) (19.77) (5.11) 2.76 5.00 8.55 BENCHMARK: (41.63) (16.93) (3.14) 4.38 6.68 9.89 SPREAD: (3.37) (2.84) (1.96) (1.62) (1.68) (1.34) 2007: COMPOSITE: 17.02 24.64 26.55 23.43 24.36 BENCHMARK: 18.21 24.76 26.69 24.04 24.71 SPREAD: (1.20) (0.13) (0.14) (0.61) (0.36) 2006: COMPOSITE: 32.75 31.61 25.64 26.27 BENCHMARK: 31.67 31.16 26.04 26.40 SPREAD: 1.08 0.45 (0.41) (0.13) 2005: COMPOSITE: 30.48 22.23 24.18 BENCHMARK: 30.64 23.32 24.68 SPREAD: (0.16) (1.10) (0.51) 2004: COMPOSITE: 14.50 21.14 BENCHMARK: 16.41 21.81 SPREAD: (1.91) (0.67) 2003: COMPOSITE: 28.17 BENCHMARK: 27.46 SPREAD: 0.71

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 33 of 41 Publicly Traded Emerging Market Equity Markets

Notes to the Publicly Traded Emerging Market Equity Markets Composite:

1. Composite description

Since April 1, 2010, the composite objective has been to replicate the MSCI EM Index return. The Publicly Traded Emerging Market Equity Markets composite contains only public market equity investments. It is a sub-group of the Emerging Markets Equity composite. Prior to July 1, 2003, its returns differed from the Emerging Markets Equity composite, as the latter also included private equity investments. Since then, the Publicly Traded Emerging Market Equity Markets and Emerging Markets Equity composites reflect the same strategy. Until March 31, 2010, a portion of the composite assets were allocated to external managers. The composite may include derivative instruments in the normal course of investment management. Derivatives are used primarily to manage cash and cash equivalents in the short term. Investment activities in this composite may include a leverage component of up to 0.5% of its net assets. Securites lending and borrowing activities are permitted in the composite within authorized limits.

2. Composite creation date The composite was created on October 1, 2003.

3. Benchmark index The benchmark index for this composite is the MSCI EM Unhedged.

4. Calculation period The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees The returns are calculated before operating expenses and other fees, but net of transaction fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 20 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 37 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 34 of 41 Private Equity Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 2.08 2.90 (0.82) 2012 $17,795,997 $175,192,938 10.16 6.03 10.01 3 month 2.43 2.90 (0.47) 2011 $15,745,769 $158,706,574 9.92 8.14 14.83 6 month 6.36 4.59 1.77 2010 $17,467,606 $151,387,764 11.54 14.53 20.86 Year to date 13.60 14.10 (0.50) 2009 $11,255,624 $131,103,348 8.59 13.50 19.86 2008 $9,733,977 $117,950,388 8.25 14.29 17.12 2007 $11,344,412 $155,140,783 7.31 8.66 11.36 2006 $8,149,533 $142,716,112 5.71 8.63 12.62 2005 $6,218,634 $121,925,703 5.10 n/a n/a 2004 $5,101,330 $102,393,353 4.98 n/a n/a 2003 $6,106,341 $89,336,739 6.84 n/a n/a

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 13.60 10.28 15.51 14.31 3.23 5.28 8.55 11.01 12.21 n/a BENCHMARK: 14.10 10.68 7.70 11.56 (1.48) (0.62) 1.29 1.21 3.24 n/a SPREAD: (0.50) (0.40) 7.81 2.75 4.71 5.90 7.26 9.79 8.98 n/a 2011: COMPOSITE: 7.05 16.48 14.55 0.79 3.69 7.73 10.64 12.04 n/a BENCHMARK: 7.36 4.64 10.72 (5.03) (3.33) (0.70) (0.51) 1.95 n/a SPREAD: (0.30) 11.84 3.83 5.82 7.02 8.43 11.15 10.09 n/a 2010: COMPOSITE: 26.73 18.49 (1.22) 2.87 7.87 11.25 12.77 n/a BENCHMARK: 1.99 12.45 (8.83) (5.83) (2.24) (1.76) 1.20 n/a SPREAD: 24.74 6.04 7.61 8.70 10.10 13.01 11.57 n/a 2009: COMPOSITE: 10.79 (12.79) (4.04) 3.61 8.39 10.60 n/a BENCHMARK: 23.98 (13.81) (8.30) (3.27) (2.49) 1.07 n/a SPREAD: (13.18) 1.02 4.26 6.87 10.88 9.53 n/a 2008: COMPOSITE: (31.35) (10.69) 1.32 7.80 10.56 n/a BENCHMARK: (40.07) (21.13) (10.95) (8.17) (2.97) n/a SPREAD: 8.72 10.44 12.26 15.97 13.54 n/a 2007: COMPOSITE: 16.18 23.09 25.29 24.55 n/a BENCHMARK: 3.79 8.56 5.86 9.45 n/a SPREAD: 12.40 14.53 19.43 15.10 n/a 2006: COMPOSITE: 30.40 30.11 27.47 n/a BENCHMARK: 13.55 6.92 11.40 n/a SPREAD: 16.85 23.19 16.07 n/a 2005: COMPOSITE: 29.82 26.03 n/a BENCHMARK: 0.67 10.34 n/a SPREAD: 29.15 15.69 n/a 2004: COMPOSITE: 22.35 n/a BENCHMARK: 20.95 n/a SPREAD: 1.41 n/a 2003: COMPOSITE: n/a BENCHMARK: n/a SPREAD: n/a

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 35 of 41 Private Equity

Notes to the Private Equity Composite:

1. Composite description

This composite consists of the Caisse's private equity activities that specialize in the following types of investment: leveraged buyouts, growth capital, venture capital, distressed debt, mezzanine debt and restructuring. Certain assets originating from the Investments and Infrastructure composite were transfered into the composite on July 1, 2010 due to the revised portfolio offering and the closing of the Investments and Infrastructure composite. The composite may include derivative instruments in the normal course of investment management. Derivatives are used to hedge interest rate and currency risk, or to hedge a position in the portfolio. This composite should not contain any leverage component. However, a leverage component is tolerated only if it is a result of currency hedging activities. Securites lending and borrowing activities are permitted in the composite within authorized limits. At each valuation date, the fair value of the investment funds are given by the general partner. This valuation is then compared to the audited financial statements given by the general partner. These funds represents 47% of the composite assets.

2. Composite creation date The composite was created on October 1, 2003.

3. Benchmark index

Since July 1, 2010, the benchmark index consists of 70% State Street Private Equity Index Ajusted (Hedged) and 30% MSCI World Index (Hedged). Assets transfered into this composite on July 1, 2010 altered the composition of the composite justifying the new benchmark.

Prior to July 1, 2010, the benchmark index consisted of 60% S&P 500 Index (Hedged) and 40% MSCI EAFE Index (Hedged). Sector and geographic changes in the composite's investment policy as well as increased liquidity justified the change in benchmark.

Prior to October 1, 2006, the benchmark index for this composite was the S&P 600 Index adjusted to reflect the investment types within the composite. Only the following sectors were included in the index calculations: consumer staples, consumer discretionary, healthcare, information technology, telecommunications and the industrials. The sector weighting was fixed.

4. Calculation period The composite return is calculated from October 1, 2003, to December 31, 2012.

5. Operating expenses and other fees

The returns are calculated before operating expenses and other fees, but net of transaction and investment fund management fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 27 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 23 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 36 of 41 Hedge Funds Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

Net Assets Under % of Firm Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Management Assets Returns Benchmark 1 month 1.33 1.18 0.15 2012 $3,185,416 $175,192,938 1.82 2.62 4.36 3 month 1.43 0.65 0.78 2011 $3,270,370 $158,706,574 2.06 3.29 4.79 6 month 3.74 3.01 0.73 2010 $3,302,924 $151,387,764 2.18 7.80 9.28 Year to date 4.66 3.96 0.70 2009 $3,826,058 $131,103,348 2.92 8.11 9.02 2008 $3,934,185 $117,950,388 3.34 8.10 8.57 2007 $5,176,332 $155,140,783 3.34 4.12 2.57 2006 $4,215,582 $142,716,112 2.95 3.99 1.67 2005 $3,909,188 $121,925,703 3.21 n/a n/a 2004 $2,800,298 $102,393,353 2.73 n/a n/a 2003 $953,501 $89,336,739 1.07 n/a n/a

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 4.66 2.55 3.77 6.04 0.01 1.53 2.26 3.07 3.24 n/a BENCHMARK: 3.96 1.73 3.18 5.28 (0.54) 0.42 1.46 1.53 1.61 n/a SPREAD: 0.70 0.82 0.59 0.76 0.56 1.11 0.80 1.54 1.63 n/a 2011: COMPOSITE: 0.49 3.33 6.51 (1.12) 0.92 1.86 2.84 3.07 n/a BENCHMARK: (0.45) 2.80 5.73 (1.64) (0.28) 1.05 1.19 1.32 n/a SPREAD: 0.94 0.54 0.78 0.52 1.19 0.81 1.65 1.74 n/a 2010: COMPOSITE: 6.26 9.65 (1.64) 1.03 2.14 3.24 3.44 n/a BENCHMARK: 6.15 8.96 (2.03) (0.23) 1.35 1.46 1.58 n/a SPREAD: 0.11 0.69 0.38 1.26 0.79 1.78 1.86 n/a 2009: COMPOSITE: 13.16 (5.37) (0.66) 1.14 2.64 2.98 n/a BENCHMARK: 11.85 (5.88) (2.27) 0.19 0.55 0.84 n/a SPREAD: 1.30 0.51 1.61 0.95 2.09 2.14 n/a 2008: COMPOSITE: (20.87) (6.92) (2.58) 0.17 1.06 n/a BENCHMARK: (20.80) (8.65) (3.42) (2.09) (1.23) n/a SPREAD: (0.07) 1.73 0.84 2.27 2.29 n/a 2007: COMPOSITE: 9.48 8.09 8.36 7.43 n/a BENCHMARK: 5.36 6.64 5.07 4.37 n/a SPREAD: 4.12 1.45 3.29 3.05 n/a 2006: COMPOSITE: 6.72 7.81 6.75 n/a BENCHMARK: 7.94 4.93 4.05 n/a SPREAD: (1.22) 2.87 2.70 n/a 2005: COMPOSITE: 8.90 6.76 n/a BENCHMARK: 2.01 2.16 n/a SPREAD: 6.89 4.61 n/a 2004: COMPOSITE: 4.67 n/a BENCHMARK: 2.30 n/a SPREAD: 2.37 n/a 2003: COMPOSITE: n/a BENCHMARK: n/a SPREAD: n/a

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 37 of 41 Hedge Funds

Notes to the Hedge Funds Composite:

1. Composite description

Since May 1, 2009, the composite is mainly composed of hedge funds and external funds of funds. Previously, the composite included internal activities which consisted of relative value strategies and directional strategies on various markets. Prior to May 1, 2009, this composite included derivatives in the normal course of investment management. Since that date, the composite may include derivatives only to rapidly enter or exit a position, to replicate its benchmark or to hedge against currency and interest rate risks. The leverage component exists in order to facilitate reinvestment and cash flow management activities during the settlement period. Leverage can go up to 5% of the composite and is considered a bridge loan with a maximum term of six months. The name of the composite was changed from Hedge Fund Partnership Units to Hedge Funds on April 1, 2005.

2. Composite creation date The composite was created on October 1, 2003.

3. Benchmark index

Since July 1, 2007, the benchmark index has been the Dow Jones Credit Suisse Hedge Fund Index Ajusted (Hedged). Prior to 2010, the index was called CS/Tremont Hedge Fund Index Ajusted (Hedged). This index is the non-investable “Broad Index” which has been modified so that the weightings of the strategies better reflect the make up of the composite. This change in benchmark is justified in order to be able to compare the composite strategy to a hedge fund universe. From July 1, 2006 to June 30, 2007, the benchmark index was the Scotia Capital 91-Day Canadian T-Bill Index. This change in benchmark was justified because as of June 30, 2006, Standard & Poor's stopped publishing the S&P Hedge Fund Index. From January 1, 2005 to June 30, 2006, the benchmark index was the S&P Hedge Fund Index. This change in benchmark was justified in order to be able to compare the composite strategy to a hedge fund universe. Prior to January 1, 2005, the benchmark index was the Scotia Capital 91-Day T-Bill Index.

4. Calculation period The composite return is calculated from October 1, 2003, to December 31, 2012.

5. Operating expenses and other fees

The returns are calculated before operating expenses and other fees, but net of transaction and investment fund management fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 43 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 36 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 38 of 41 Balanced Fund Returns for years or periods ended December 31:

Returns for periods ended December 31, 2012 Net assets under management (in thousands) for years ended December 31: (as a percentage):

% of Number of Std. Dev of Std. Dev. Std. Dev. Period Composite Benchmark Spread Year Composite Assets Accounts acct. Returns Returns Benchmark 1 month 2.59 1.87 0.71 2012 $175,192,938 100.00 39 3.25 4.34 4.49 3 month 3.36 2.55 0.81 2011 $158,706,574 100.00 36 2.48 5.03 6.58 6 month 5.86 5.36 0.50 2010 $151,387,764 100.00 36 4.06 9.98 10.10 Year to date 9.55 9.30 0.25 2009 $131,103,348 100.00 34 4.84 9.44 9.57 2008 $117,950,388 100.00 32 7.99 9.37 8.37 2007 $155,140,783 100.00 29 2.86 4.12 4.17 2006 $142,716,112 100.00 26 4.52 4.18 4.48 2005 $121,925,703 100.00 24 5.27 4.60 5.16 2004 $102,393,353 100.00 22 1.85 6.26 6.53 2003 $89,336,739 100.00 22 2.33 7.50 7.68

Simple and compound annualized returns as at December 31 (as a percentage):

1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS 8 YEARS 9 YEARS 10 YEARS

2012: COMPOSITE: 9.55 6.73 8.98 9.24 1.31 2.02 3.72 5.03 5.80 6.71 BENCHMARK: 9.30 6.73 7.64 9.22 3.02 3.54 4.80 5.78 6.36 7.21 SPREAD: 0.25 (0.01) 1.34 0.02 (1.70) (1.52) (1.07) (0.74) (0.56) (0.50) 2011: COMPOSITE: 3.97 8.69 9.14 (0.65) 0.58 2.78 4.40 5.35 6.40 BENCHMARK: 4.23 6.82 9.19 1.50 2.43 4.07 5.28 6.00 6.98 SPREAD: (0.26) 1.87 (0.05) (2.15) (1.85) (1.28) (0.88) (0.66) (0.58) 2010: COMPOSITE: 13.62 11.82 (2.14) (0.25) 2.55 4.47 5.54 6.71 BENCHMARK: 9.48 11.76 0.61 1.98 4.03 5.46 6.26 7.33 SPREAD: 4.15 0.06 (2.75) (2.23) (1.49) (0.99) (0.72) (0.62) 2009: COMPOSITE: 10.04 (9.18) (4.49) (0.05) 2.73 4.25 5.75 BENCHMARK: 14.10 (3.55) (0.40) 2.72 4.67 5.73 7.03 SPREAD: (4.05) (5.63) (4.09) (2.76) (1.94) (1.48) (1.27) 2008: COMPOSITE: (25.05) (11.02) (3.20) 0.98 3.13 5.06 BENCHMARK: (18.47) (6.95) (0.82) 2.44 4.13 5.89 SPREAD: (6.58) (4.07) (2.38) (1.46) (1.00) (0.84) 2007: COMPOSITE: 5.63 10.00 11.53 11.70 12.40 BENCHMARK: 6.20 9.39 10.54 10.70 11.58 SPREAD: (0.57) 0.61 0.99 0.99 0.82 2006: COMPOSITE: 14.55 14.60 13.80 14.15 BENCHMARK: 12.67 12.77 12.25 12.97 SPREAD: 1.88 1.83 1.55 1.19 2005: COMPOSITE: 14.65 13.42 14.02 BENCHMARK: 12.88 12.03 13.06 SPREAD: 1.78 1.39 0.96 2004: COMPOSITE: 12.20 13.70 BENCHMARK: 11.20 13.16 SPREAD: 1.00 0.55 2003: COMPOSITE: 15.23 BENCHMARK: 15.15 SPREAD: 0.08

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 39 of 41 Balanced Fund

Composition of the Balanced Fund Benchmark Index

Benchmark weights Benchmark1 (as at December 1, 2012)

DEX 91-Day T-Bill 1 % DEX Universe (Adjusted) 26 % DEX Real Return Bond 1 % DEX Long-Term Government Bond (Adjusted) 2 % Canadian Equity 12 % S&P 500 Unhedged 6 % MSCI EAFE Unhedged 6 % MSCI ACWI Unhedged 7 % MSCI EM Unhedged 4 % Infrastructures 5 % Private Equity 10 % DEX Universe Bond 6 % Aon Hewitt - Real Estate (Adjusted) 11 % Dow Jones Credit Suisse Hedge Fund Index Adjusted (Hedged) 2 %

1. The indices descriptions are presented in each composite note.

Notes to the Balanced Fund Composite:

1. Composite description This composite consists of all depositors' accounts, including the General Fund. It measures the Caisse's overall asset allocation strategy among the various asset classes available to depositors. Treasury and overlay activities are also included in this composite. Since 2007, an unrealized writedown of ABTN securities has been recorded in this composite. Please see Note 3e of the combined financial statements for more details.

The composite may include derivative instruments in the normal course of investment management. Derivatives are used to hedge positions, to reduce market risk, to take advantage of arbitrage opportunities, replicate the benchmark, to rapidly enter or exit a position, hedge currency risk and to match the duration of a composite to that of the benchmark index.

Leverage activities may be present in the composite, including short selling. The extent of the leverage depends on the nature of the investment. Certain strategies have no leverage component while others are fully leveraged within authorized limits. A portion of the composite assets are allocated to external managers.

In 2012, following the adoption of IFRS for the Real Estate composite, a change was made to the valuation methodology used in the Real Estate composite of the balanced fund. Please refer to page 20 for more details. Adoption of IFRS had a positive impact of 0.4% on the 2012 return of the Balanced Fund composite.

2. Composite creation date The composite was created on October 1, 2002.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 40 of 41 3. Benchmark index

The benchmark index for this composite is an index created by the Caisse. It consists of the weighted average of the depositors' benchmarks. These indexes correspond to the weighted average indexes of each investment class as specified in the reference policy of each depositor. The depositors' reference policies are established once a month, based on the depositors’ preferences and needs, as well as market forecasts. The benchmark index also contains a certain level of exposure to certain currencies and a duration adjustment as defined in the reference policy for each depositor. The weights of each index that make up this composite benchmark index as at December 1, 2012, are presented in the table in the previous page.

4. Calculation period

The composite return is calculated from January 1, 2003, to December 31, 2012.

5. Operating expenses and other fees

The returns are calculated before operating expenses and other fees, but net of transaction fees, real estate subsidiaries fees as well as investment fund management fees. For the 12 months ended December 31, 2012, the operating expenses and other fees for this composite are 20 basis points. In the previous four years (January 1, 2008 to December 31, 2011), the fees averaged 21 basis points.

______2012 ANNUAL REPORT - ADDITIONAL INFORMATION Page 41 of 41

II. Financial statistics and review

1. Changes in net assets ...... 45

2. Statement of income and changes in net assets under management ...... 46

3. Changes in depositors’ holdings ...... 47

4. Breakdown of depositors’ holdings ...... 52

5. Annual interest or income paid out on average deposits ...... 53

6. Summary of investments ...... 54

7. Breakdown of investments ...... 55

8. Real Estate sector – Mortgages of $5 million and over ...... 57

9. Investments in shares and bonds of publicly traded companies ...... 68

10. Investments in shares and bonds of privately held companies ...... 154

11. Statement of real estate holdings ...... 168

12. Statement of properties held for resale ...... 170

4231 CHANGES IN NET ASSETS as at December 31 (fair value - in millions of dollars) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Assets Investments 211,097 185,606 178,376 167,575 182,493 222,797 203,491 177,108 144,193 115,098 Advances to depositors 797 761 789 371 754 372 1,024 941 884 987 Investment income, accrued and receivable 751 854 933 1,042 1,394 1,209 1,097 950 873 802 Transactions being settled 153 774 177 70 1,241 1,567 1,277 349 338 110 Other assets 1,002 3,293 2,922 1,598 993 1,204 625 391 788 716 213,800 191,288 183,197 170,656 186,875 227,149 207,514 179,739 147,076 117,713 Liabilities Liabilities related to investments 34,129 28,554 27,807 34,830 62,612 66,100 60,644 51,632 41,945 24,866 Transactions being settled 155 110 563 1,478 849 2,087 514 3,718 1,047 1,604 Other liabilities 1,300 1,162 1,310 1,200 1,511 1,561 1,509 970 1,033 930 Non-controlling interests 2,006 2,497 1,775 1,560 1,815 2,051 1,368 1,260 618 915 37,590 32,323 31,455 39,068 66,787 71,799 64,035 57,580 44,643 28,315 Depositors' net holdings 176,210 158,965 151,742 131,588 120,088 155,350 143,479 122,159 102,433 89,398

45 423 STATEMENT OF INCOME AND CHANGES IN NET ASSETS UNDER MANAGEMENT for years ended December 31 (in millions of dollars) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Net investment results Net investment income 5,306 4,873 4,559 4,643 5,847 6,201 5,241 4,485 3,638 3,457 Gains (losses) on the sale of investments 2,454 (495) 1,582 4,514 (23,228) 9,427 4,607 7,715 4,169 2,324 Total realized income (losses) 7,760 4,378 6,141 9,157 (17,381) 15,628 9,848 12,200 7,807 5,781 Unrealized increases (decreases) in value of investments and liabilities related to investments 7,177 1,368 11,590 2,595 (22,435) (7,757) 7,920 2,955 3,011 5,743 14,937 5,746 17,731 11,752 (39,816) 7,871 17,768 15,155 10,818 11,524 Depositors' net deposits (withdrawals) 2,308 1,477 2,423 (252) 4,554 4,000 3,552 4,571 2,217 192 Increase (decrease) in net assets 17,245 7,223 20,154 11,500 (35,262) 11,871 21,320 19,726 13,035 11,716 Depositors' net assets 176,210 158,965 151,742 131,588 120,088 155,350 143,479 122,159 102,433 89,398 Liabilities and non-controlling interests 37,590 32,323 31,455 39,068 66,787 71,799 64,035 57,580 44,643 28,315 Total assets 213,800 191,288 183,197 170,656 186,875 227,149 207,514 179,739 147,076 117,713 Assets under management and under administration Assets under management 7,423 8,731 11,417 14,933 17,364 16,498 13,979 16,417 10,664 7,660 Assets under administration 37,913 4,159 4,516 15,676 16,185 14,098 15,460 19,997 17,778 13,836 45,336 12,890 15,933 30,609 33,549 30,596 29,439 36,414 28,442 21,496 Total assets under management 259,136 204,178 199,130 201,265 220,424 257,745 236,953 216,153 175,518 139,209

46 3 CHANGES IN DEPOSITORS' HOLDINGS as at December 31 (fair value - in millions of dollars) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 PENSION FUNDS Régie des rentes du Québec Net income allocated 2,191 1,478 905 385 (87) 2,431 2,155 1,538 851 483 Deposits (withdrawals) 567 178 981 (20) 934 33 741 948 1,185 230 Unrealized +/- in value 1,435 (624) 3,249 2,118 (9,381) (383) 2,348 2,096 1,657 2,119 Net holdings 39,070 34,877 33,845 28,710 26,227 34,761 32,680 27,436 22,854 19,161 Advances (461) (369) (504) (76) (478) (58) (441) (463) (433) (407) Net holdings including advances 38,609 34,508 33,341 28,634 25,749 34,703 32,239 26,973 22,421 18,754 Excess over costs 3,043 1,608 2,232 (1,017) (3,135) 6,246 6,629 4,281 2,185 528 Supplemental Pension Plan for Employees of the Québec Construction Industry Net income allocated 832 538 277 143 257 855 754 726 372 176 Deposits (withdrawals) 254 159 121 78 112 93 126 122 16 (181) Unrealized +/- in value 231 415 1,098 466 (2,279) (261) 457 497 520 773 Net holdings 14,476 13,159 12,047 10,551 9,864 11,774 11,087 9,750 8,405 7,497 Advances (7) (16) (10) (59) (47) (34) (11) (5) - (30) Net holdings including advances 14,469 13,143 12,037 10,492 9,817 11,740 11,076 9,745 8,405 7,467 Excess over costs 1,391 1,160 745 (353) (819) 1,460 1,721 1,264 767 247 Government and Public Employees Retirement Plan Net income allocated 2,253 1,464 281 364 470 2,998 2,745 2,308 1,594 961 Deposits (withdrawals) (767) (689) (673) (334) (438) (249) (187) (92) (145) (145) Unrealized +/- in value 1,673 (94) 4,538 3,331 (12,301) (849) 2,683 2,344 1,916 3,013 Net holdings 45,141 41,982 41,301 37,155 33,794 46,063 44,163 38,922 34,362 30,997 Advances ------(51) - (14) - Net holdings including advances 45,141 41,982 41,301 37,155 33,794 46,063 44,112 38,922 34,348 30,997 Excess over costs 4,668 2,995 3,089 (1,449) (4,780) 7,521 8,370 5,687 3,343 1,427 Pension Plan of Management Personnel Net income allocated 386 312 144 49 54 535 470 374 249 98 Deposits (withdrawals) 35 (39) (388) (165) 217 (58) 62 102 13 85 Unrealized +/- in value 255 6 655 519 (1,943) (149) 420 416 328 542 Net holdings 7,798 7,122 6,843 6,432 6,029 7,701 7,373 6,421 5,529 4,939 Advances - - (6) - - (16) (109) (6) - (13) Net holdings including advances 7,798 7,122 6,837 6,432 6,029 7,685 7,264 6,415 5,529 4,926 Excess over costs 752 497 491 (164) (683) 1,260 1,409 989 573 245 Individual Plans Net income allocated 10 7 2 - 3 19 16 13 9 5 Deposits (withdrawals) (4) (1) (65) (5) (5) 7 (5) (4) (4) (4) Unrealized +/- in value 6 (1) 20 19 (70) (5) 16 16 13 18 Net holdings 190 178 173 216 202 274 253 226 201 183 Excess over costs 18 12 13 (7) (26) 44 49 33 17 4 Pension Plan of Elected Municipal Officers Net income allocated 8 6 1 - 2 13 10 8 5 3 Deposits (withdrawals) (1) (2) (1) (2) (1) - (1) - 3 (5) Unrealized +/- in value 7 (1) 17 13 (46) (4) 11 10 9 11 Net holdings 173 159 156 139 128 173 164 144 126 109 Excess over costs 20 13 14 (3) (16) 30 34 23 13 4 Régime complémentaire de rentes des techniciens ambulanciers/paramédics et des services préhospitaliers d'urgence Net income allocated 17 12 8 4 3 18 13 10 8 5 Deposits (withdrawals) 12 15 12 9 8 3 7 6 7 8 Unrealized +/- in value 10 (3) 20 16 (57) (7) 14 14 9 12 Net holdings 340 301 277 237 208 254 240 206 176 152 Excess over costs 23 13 16 (4) (20) 37 44 30 16 7

47 3 CHANGES IN DEPOSITORS' HOLDINGS (continued) as at December 31 (fair value - in millions of dollars) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Retirement Plans Sinking Fund Net income allocated 1,781 1,124 264 284 (244) 1,798 1,167 810 359 157 Deposits (withdrawals) 1,000 1,000 1,500 - 2,850 3,750 3,000 3,597 1,807 800 Unrealized +/- in value 1,590 25 3,603 2,450 (8,467) (409) 1,797 1,467 1,066 1,286 Net holdings 40,722 36,351 34,202 28,835 26,101 31,962 26,823 20,859 14,985 11,753 Excess over costs 2,304 714 689 (2,914) (5,364) 3,103 3,512 1,715 248 (818) Superannuation Plan for the Members of the Sûreté du Québec - caisse employeurs Net income allocated 7 7 5 ------Deposits (withdrawals) 147 (3) (3) 128 ------Unrealized +/- in value 5 (2) 12 ------Net holdings 303 144 142 128 ------Excess over costs 15 10 12 ------Régime de retraite de l'Université du Québec Net income allocated 21 9 6 9 6 7 7 6 3 - Deposits (withdrawals) - (10) 34 (8) 10 18 (5) 18 73 - Unrealized +/- in value 6 13 23 (17) (61) 25 28 22 10 - Net holdings 253 226 214 151 167 212 162 132 86 - Excess over costs 49 43 30 7 24 85 60 32 10 - Régime de retraite du personnel des CPE et des garderies privées conventionnées du Québec Net income allocated 7 2 1 (6) 4 2 1 - - - Deposits (withdrawals) 15 17 34 (15) 5 29 18 2 - - Unrealized +/- in value 5 5 7 5 (15) 1 - - - - Net holdings 124 97 73 31 47 53 21 2 - - Excess over costs 8 3 (2) (9) (14) 1 - - - - Régime complémentaire de retraite des employés syndiqués de la Commission de la construction du Québec Net income allocated - (2) (2) - 1 1 1 - - - Deposits (withdrawals) - (16) (5) - 8 - 13 - - - Unrealized +/- in value - 2 5 (1) (5) - - - - - Net holdings - - 16 18 19 15 14 - - - Excess over costs - 1 (1) (6) (5) - - - - - Régime de retraite pour certains employés de la Commission scolaire de la Capitale Net income allocated 2 1 1 - 1 2 - - - - Deposits (withdrawals) (4) (3) (4) (3) (4) (1) 48 - - - Unrealized +/- in value 1 1 3 2 (7) - - - - - Net holdings 36 37 38 38 39 49 48 - - - Excess over costs - (1) (2) (5) (7) - - - - - Régime de rentes pour le personnel non enseignant de la Commission des écoles catholiques de Montréal Net income allocated 10 7 3 1 4 13 - - - - Deposits (withdrawals) (22) (23) (23) (24) (25) 294 - - - - Unrealized +/- in value 9 6 21 13 (42) (3) - - - - Net holdings 219 222 232 231 241 304 - - - - Excess over costs 4 (5) (11) (32) (45) (3) - - - - Superannuation Plan for the Members of the Sûreté du Québec - caisse participants Net income allocated 6 4 3 - (1) 1 - - - - Deposits (withdrawals) 31 26 23 26 23 21 - - - - Unrealized +/- in value 6 (1) 7 7 (8) (1) - - - - Net holdings 173 130 101 68 35 21 - - - - Excess over costs 10 4 5 (2) (9) (1) - - - -

48 3 CHANGES IN DEPOSITORS' HOLDINGS (continued) as at December 31 (fair value - in millions of dollars) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Régime de retraite des employés de la Ville de Laval Net income allocated 7 2 1 - 1 - - - - - Deposits (withdrawals) 8 23 8 13 17 25 - - - - Unrealized +/- in value 4 5 9 1 (12) 2 - - - - Net holdings 114 95 65 47 33 27 - - - - Excess over costs 9 5 - (9) (10) 2 - - - - Retirement Plan for Active Members of the Centre hospitalier Côte-des-Neiges Net income allocated 3 3 ------Deposits (withdrawals) (2) (4) 61 ------Unrealized +/- in value 2 (1) 6 ------Net holdings 68 65 67 ------Excess over costs 7 5 6 ------Fonds commun de placement des régimes de retraite de l'Université Laval Net income allocated 8 ------Deposits (withdrawals) 106 ------Unrealized +/- in value ------Net holdings 114 ------Excess over costs ------Fiducie globale Ville de Magog Net income allocated ------Deposits (withdrawals) 40 ------Unrealized +/- in value 1 ------Net holdings 41 ------Excess over costs 1 ------Régime de retraite des employées et employés de la Ville de Sherbrooke Net income allocated ------Deposits (withdrawals) 13 ------Unrealized +/- in value ------Net holdings 13 ------Excess over costs ------INSURANCE PLANS Régie des marchés agricoles et alimentaires du Québec Net income allocated 1 - - - 1 - 1 - - - Deposits (withdrawals) ------Unrealized +/- in value - - 1 - (1) - - - - 1 Net holdings 8 7 7 6 6 6 6 5 5 5 Excess over costs 1 1 1 - - 1 1 - (1) (1) La Financière agricole du Québec Net income allocated 11 7 - 3 14 21 15 12 6 1 Deposits (withdrawals) 37 (8) (36) 31 (3) (7) (5) 9 19 10 Unrealized +/- in value 5 2 20 3 (56) (5) 13 15 13 12 Net holdings 271 218 217 233 196 241 232 209 173 135 Excess over costs 13 8 6 (14) (17) 39 44 31 16 3 Autorité des marchés financiers Net income allocated 15 14 11 14 15 20 19 14 13 11 Deposits (withdrawals) 7 16 53 6 13 13 3 29 12 9 Unrealized +/- in value 8 14 15 3 (19) (5) (1) 2 3 3 Net holdings 622 592 548 469 446 437 409 388 343 315 Excess over costs 32 24 10 (5) (8) 11 16 17 15 12

49 3 CHANGES IN DEPOSITORS' HOLDINGS (continued) as at December 31 (fair value - in millions of dollars) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Commission de la santé et de la sécurité du travail Net income allocated 650 410 176 (54) (22) 822 594 555 306 95 Deposits (withdrawals) (2) (27) 39 (248) (159) (315) 28 68 (193) (411) Unrealized +/- in value 289 (1) 1,004 797 (2,957) (217) 851 673 578 844 Net holdings 10,882 9,945 9,563 8,344 7,849 10,987 10,697 9,224 7,928 7,237 Advances (40) (136) (7) (50) (76) (80) (304) (337) (290) (355) Net holdings including advances 10,842 9,809 9,556 8,294 7,773 10,907 10,393 8,887 7,638 6,882 Excess over costs 1,001 712 713 (291) (1,088) 1,869 2,086 1,235 562 (16) Société de l'assurance automobile du Québec Net income allocated 420 294 184 63 34 958 698 426 384 186 Deposits (withdrawals) 67 (13) 37 (156) (360) (435) (489) (427) (565) (190) Unrealized +/- in value 256 102 665 441 (2,185) (447) 381 727 497 663 Net holdings 8,132 7,389 7,006 6,120 5,772 8,283 8,207 7,617 6,891 6,575 Advances (289) (240) (262) (186) (153) (183) (108) (130) (147) (182) Net holdings including advances 7,843 7,149 6,744 5,934 5,619 8,100 8,099 7,487 6,744 6,393 Excess over costs 774 518 416 (249) (690) 1,495 1,942 1,561 834 337 Fédération des producteurs de bovins du Québec Net income allocated - - - - 1 - - 1 - - Deposits (withdrawals) (3) 1 3 - - (1) - - - 1 Unrealized +/- in value - - - - (1) - - - - - Net holdings 4 7 6 3 3 3 4 4 3 3 Excess over costs (1) (1) (1) (1) (1) - - - - - Survivor's Pension Plan Net income allocated 23 16 5 6 (10) 31 30 20 9 (4) Deposits (withdrawals) (29) (22) (24) (15) (21) (16) (14) (8) (11) (13) Unrealized +/- in value 11 (2) 40 25 (104) (5) 30 32 31 49 Net holdings 361 356 364 343 327 462 452 406 362 333 Excess over costs 33 22 24 (16) (41) 63 68 38 6 (25) Conseil de gestion de l'assurance parentale Net income allocated - - - - 4 19 20 4 - - Deposits (withdrawals) - - - - (202) (224) 188 195 - - Unrealized +/- in value 1 - - - - (3) 2 (1) - - Net holdings 3 2 2 2 2 200 408 198 - - Excess over costs (1) (2) (2) (2) (2) (2) 1 (1) - - OTHER DEPOSITORS Office de la protection du consommateur Net income allocated 3 3 1 1 - 2 1 - - - Deposits (withdrawals) 6 10 11 9 11 4 10 6 - - Unrealized +/- in value 3 1 4 1 (4) (1) 1 - - 1 Net holdings 87 75 61 45 34 27 22 10 4 4 Excess over costs 5 2 1 (3) (4) - 1 - - - Société des alcools du Québec Net income allocated - - - - - (1) - - - - Deposits (withdrawals) (3) (23) 144 (83) 30 40 14 - - - Unrealized +/- in value ------Net holdings 118 121 144 - 83 53 14 - - - Excess over costs ------Generations Fund Net income allocated 217 130 92 33 (40) 29 - - - - Deposits (withdrawals) 782 602 655 794 615 976 - - - - Unrealized +/- in value 147 5 236 180 (286) 3 - - - - Net holdings 5,170 4,024 3,287 2,304 1,297 1,008 - - - - Excess over costs 285 138 133 (103) (283) 3 - - - -

50 3 CHANGES IN DEPOSITORS' HOLDINGS (continued) as at December 31 (fair value - in millions of dollars) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Accumulated Sick Leave Fund Net income allocated 47 35 44 18 2 - - - - - Deposits (withdrawals) (79) - - - 600 - - - - - Unrealized +/- in value 13 (11) 40 41 ------Net holdings 750 769 745 661 602 - - - - - Excess over costs 83 70 81 41 ------Fonds d'information sur le territoire Net income allocated 9 1 ------Deposits (withdrawals) 18 313 ------Unrealized +/- in value 10 1 ------Net holdings 352 315 ------Excess over costs 11 1 ------Agence du revenu du Québec Net income allocated 2 ------Deposits (withdrawals) 79 ------Unrealized +/- in value 1 ------Net holdings 82 ------Excess over costs 1 ------Fonds de la réserve budgétaire du gouvernement du Québec Net income allocated - - - 2 18 - - - - - Deposits (withdrawals) - - (71) (268) 319 - - - - - Unrealized +/- in value ------Net holdings - - - 71 337 - - - - - Excess over costs ------Magazine Protégez-Vous Net income allocated ------Deposits (withdrawals) ------(2) Unrealized +/- in value ------Net holdings ------Excess over costs ------Total Depositors Net income allocated 8,947 5,884 2,413 1,319 491 10,594 8,717 6,825 4,168 2,177 Deposits (withdrawals) 2,308 1,477 2,423 (252) 4,554 4,000 3,552 4,571 2,217 192 Unrealized +/- in value 5,990 (138) 15,318 10,433 (40,307) (2,723) 9,051 8,330 6,650 9,347 Net holdings 176,210 158,965 151,742 131,588 120,088 155,350 143,479 122,159 102,433 89,398 Advances (797) (761) (789) (371) (754) (371) (1,024) (941) (884) (987) Net holdings including advances 175,413 158,204 150,953 131,217 119,334 154,979 142,455 121,218 101,549 88,411 Excess over costs 14,558 8,568 8,706 (6,612) (17,045) 23,262 25,985 16,934 8,604 1,954

51 24 BREAKDOWN OF DEPOSITORS' HOLDINGS as at December 31 (fair value - as a percentage) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Government and Public Employees Retirement Plan 25.6 26.4 27.2 28.2 28.2 29.7 30.8 31.9 33.6 34.7 Retirement Plans Sinking Fund 23.1 22.9 22.6 21.9 21.7 20.6 18.7 17.1 14.6 13.1 Régie des rentes du Québec 22.2 21.9 22.3 21.8 21.9 22.4 22.8 22.5 22.3 21.4 Supplemental Pension Plan for Employees of the Québec Construction Industry 8.2 8.3 8.0 8.0 8.2 7.6 7.7 8.0 8.2 8.4 Commission de la santé et de la sécurité du travail 6.2 6.3 6.3 6.3 6.5 7.1 7.5 7.6 7.7 8.1 Société de l'assurance automobile du Québec 4.6 4.7 4.6 4.7 4.8 5.3 5.7 6.2 6.7 7.4 Pension Plan of Management Personnel 4.4 4.5 4.5 4.9 5.0 5.0 5.1 5.2 5.4 5.5 Generations Fund 2.9 2.5 2.2 1.8 1.1 0.6 - - - - Other depositors 2.8 2.5 2.3 2.4 2.6 1.7 1.7 1.5 1.5 1.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

52 5 ANNUAL INTEREST OR INCOME PAID OUT ON AVERAGE DEPOSITS (rate as a percentage)

CATEGORIES OF DEPOSITS 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Demand deposits1 1.00 1.00 0.61 0.61 3.11 4.35 4.01 2.71 2.01 2.88 Term deposits1 1.47 1.69 0.78 1.39 3.55 4.38 3.78 2.79 2.77 3.14 Participation deposits2 5.74 4.00 1.76 1.14 0.65 8.32 7.82 6.75 4.05 2.67

1 The General Fund receives demand and term deposits from depositors and pays out interest on these deposits. The rate indicated is the average rate paid out during the year. 2 Income earned on the investments of the Caisse's General Fund and Individual Funds is paid out or allocated to participation deposit holders. The rate indicated is the average annual rate. The rate represents only the income accounted for during the year on depositors' investments. It does not account for the changes in the fair value of investments. For purposes of this calculation, participation deposits are computed at cost. The rate is different from the time-weighted rate of return which includes both income and changes in the fair value of investments.

53 562 SUMMARY OF INVESTMENTS as at December 31 (as a percentage) Cost Fair value 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Bonds 28.0 28.4 32.0 34.3 36.7 38.6 37.1 36.7 40.6 42.3 37.9 ABTNs 6.1 4.8 4.8 5.0 4.3 3.9 4.8 ---- Mortgages 4.4 4.3 4.1 4.3 5.3 6.5 4.7 3.4 2.8 3.2 3.2 Short-term investments 0.8 0.8 1.2 2.7 4.8 7.3 7.2 16.7 18.2 12.4 10.0 Securities acquired under reverse repurchase agreements 5.7 5.4 4.3 5.5 4.8 3.1 3.4 2.6 1.9 2.3 1.1 Fixed-income securities 45.0 43.7 46.4 51.8 55.9 59.4 57.2 59.4 63.5 60.2 52.2 Canadian equities 10.5 10.9 9.5 9.8 8.8 7.2 7.9 8.7 9.9 10.8 13.6 Foreign equities 33.5 32.9 32.2 26.3 23.3 20.7 24.7 22.7 19.3 20.8 21.9 Real estate holdings 11.0 12.5 11.9 12.1 12.0 12.7 10.2 9.2 7.3 8.2 12.3 Variable-income securities 55.0 56.3 53.6 48.2 44.1 40.6 42.8 40.6 36.5 39.8 47.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

54 567 BREAKDOWN OF INVESTMENTS as at December 31 (in millions of dollars) Cost % Fair value INVESTMENTS1 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Bonds Domestic securities2 Government of Québec 9,797 4.9 10,419 9,507 8,801 7,859 9,265 8,592 9,521 9,651 10,902 12,848 Government of Canada 15,816 7.9 16,212 16,165 21,637 21,652 16,552 23,586 18,213 26,999 21,523 14,136 Other governments 1,021 0.5 1,090 1,499 1,658 3,158 3,047 2,304 4,002 1,852 1,309 253 Guaranteed by the Government of Québec 7,431 3.7 7,886 7,777 6,074 5,495 5,102 5,524 6,121 5,261 5,069 5,439 Guaranteed by other governments 5,193 2.6 5,336 5,279 5,924 4,987 5,989 7,787 4,560 4,520 2,663 137 Guaranteed by grants 347 0.2 376 364 336 308 333 423 415 216 236 270 Municipalities and school boards 956 0.5 998 1,117 944 971 1,278 1,305 1,120 1,032 893 931 Corporate and mortgage bonds 10,864 5.4 12,856 12,320 9,850 10,941 14,710 16,423 14,925 9,891 5,627 5,467 Inflation-indexed securities 1,123 0.5 1,252 1,318 975 667 587 934 1,054 1,277 1,090 179 Hedge funds ------131167447235- 52,548 26.2 56,425 55,346 56,199 56,038 56,863 67,009 60,098 61,146 49,547 39,660 Foreign securities U.S. Government 945 0.5 924 1,174 1,379 510 823 205 1,180 1,807 3,675 1,518 Corporate and mortgage bonds 2,695 1.3 2,507 2,370 3,668 4,499 8,515 8,394 6,895 3,972 2,847 1,197 Inflation-indexed securities 59 - 65 100 - - 1,973 3,381 3,328 1,858 865 - Hedge funds -- - - - 72 439 2,001 2,261 1,026 241 14 Others -- -308 17 346 1,812 1,759 950 1,990 2,157 931 3,699 1.8 3,496 3,952 5,064 5,427 13,562 15,740 14,614 10,653 9,785 3,660 56,247 28.0 59,921 59,298 61,263 61,465 70,425 82,749 74,712 71,799 59,332 43,320 ABTNs 12,343 6.1 10,153 8,932 8,942 7,249 7,186 10,740 ---- Equities and convertible securities Domestic securities Energy 4,516 2.2 4,273 3,195 3,411 3,346 2,690 3,210 2,535 2,194 1,357 1,001 Materials 3,390 1.7 3,464 3,201 3,998 2,791 1,811 2,137 2,742 2,544 2,622 3,375 Industrials 1,649 0.8 1,895 1,617 1,325 1,166 847 1,416 1,351 1,249 1,319 1,395 Consumer discretionary 3,459 1.7 3,682 3,487 3,577 2,670 2,172 3,505 2,950 3,029 2,518 2,275 Consumer staples 529 0.3 747 549 283 257 240 445 806 886 1,060 820 Health Care 317 0.2 272 104 123 106 101 218 319 316 422 430 Financials 3,475 1.7 4,165 2,682 2,007 2,042 2,853 3,285 3,657 4,026 3,572 3,623 Information Technology 1,672 0.8 2,056 728 846 902 623 1,014 947 942 1,321 1,284 Telecommunication Services 573 0.3 636 250 49 232 608 802 500 506 529 391 Utilities 644 0.3 901 1,009 1,196 685 629 787 824 816 101 370 Mutual Funds 819 0.4 882 652 599 491 485 681 1,155 983 750 165 Index participation units and others 107 0.1 100 92 32 33 27 7 12 - - 499 21,150 10.5 23,073 17,566 17,446 14,721 13,086 17,507 17,798 17,491 15,571 15,628 Foreign securities External funds 16,383 8.2 16,848 16,783 15,952 19,634 20,124 24,428 26,076 15,486 9,839 8,169 Internal funds 50,829 25.3 52,583 43,037 30,892 19,418 17,695 30,691 20,113 18,750 20,210 16,973 67,212 33.5 69,431 59,820 46,844 39,052 37,819 55,119 46,189 34,236 30,049 25,142 88,362 44.0 92,504 77,386 64,290 53,773 50,905 72,626 63,987 51,727 45,620 40,770

55 BREAKDOWN OF INVESTMENTS (continued) 7 as at December 31 (in millions of dollars) Cost % Fair value INVESTMENTS1 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Mortgages Domestic securities 7,126 3.5 7,411 6,754 5,886 5,944 6,451 5,979 4,877 4,402 3,998 3,248 Foreign securities 1,733 0.9 1,682 780 1,833 2,872 5,349 4,490 2,038 580 557 379 8,859 4.4 9,093 7,534 7,719 8,816 11,800 10,469 6,915 4,982 4,555 3,627 Real estate holdings Canada 11,041 5.5 16,494 13,501 12,880 10,931 11,884 13,419 11,187 9,255 8,547 8,872 Abroad 11,132 5.5 9,966 8,670 8,732 9,142 11,219 9,318 7,512 3,742 3,401 5,362 22,173 11.0 26,460 22,171 21,612 20,073 23,103 22,737 18,699 12,997 11,948 14,234 Total long-term investments 187,984 93.5 198,131 175,321 163,826 151,376 163,419 199,321 164,313 141,505 121,455 101,951 Short-term investments Domestic securities 407 0.2 391 521 2,357 4,625 5,909 9,895 28,950 29,745 17,151 10,430 Foreign securities 1,245 0.6 1,192 1,789 2,425 3,458 7,485 6,131 4,969 2,488 2,240 1,487 1,652 0.8 1,583 2,310 4,782 8,083 13,394 16,026 33,919 32,233 19,391 11,917 Securities acquired under reverse repurchase agreements Domestic securities 8,629 4.3 8,629 6,056 8,761 6,171 2,900 2,457 1,332 675 734 413 Foreign securities 2,737 1.4 2,754 1,919 1,007 1,945 2,780 4,993 3,927 2,695 2,613 817 11,366 5.7 11,383 7,975 9,768 8,116 5,680 7,450 5,259 3,370 3,347 1,230 Total short-term investments 13,018 6.5 12,966 10,285 14,550 16,199 19,074 23,476 39,178 35,603 22,738 13,147 Total 201,002 100.0 211,097 185,606 178,376 167,575 182,493 222,797 203,491 177,108 144,193 115,098 Breakdown of long-term investments Public sector 42,688 22.7 44,558 44,608 47,745 45,953 46,943 55,800 50,252 56,203 50,349 36,642 Private sector 145,296 77.3 153,573 130,713 116,081 105,423 116,476 143,521 114,061 85,302 71,106 65,309 Total 187,984 100.0 198,131 175,321 163,826 151,376 163,419 199,321 164,313 141,505 121,455 101,951

1 The value of investments was established based on the combined financial statements. 2 Certain figures have been reclassified to conform to the presentation adopted in 2012.

56 REAL ESTATE SECTOR 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

OTÉRA CAPITAL

10 Dundas Street Ltd 10 Dundas Street East Toronto

100 Parkway Forest Drive Limited Partnership 100 Parkway Forest Drive Toronto

110 Parkway Forest Drive Limited Partnership 110 Parkway Forest Drive Toronto

119-6th Avenue Inc. 119 6th Avenue SW Calgary

1200 McGill College Inc. 1200-1240 McGill College Montréal

1204225 Alberta Ltd 184th Street and 107th Avenue Edmonton

130 Bloor CREIF Inc., KingSett Canadian Real Estate Income Fund LP 130 Bloor Street West Toronto

152523 Canada Inc. 3103 Royal blvd Shawinigan

1562903 Ontario Limited 2305 McPhillips Street Winnipeg

160 Elgin Portfolio Inc. 160 Elgin Street Ottawa

1602157 Alberta Ltd 10004 104th Avenue Edmonton

180 Duncan Mill Corporation 180 Duncan Mill Road Toronto

180 University Holdings Inc. 180 University Avenue Toronto

215 Holdings Ltd 215 Garry Street Winnipeg

2200-41 Ane Property Ltd 2200 41st Avenue NE Calgary

2249419 Ontario Inc. 7555 Montrose Road Niagara Falls

2631-1746 Québec Inc. 1111 boul. Dr. Frédérick-Phillips; 3300, boul. Côte-Vertu; Montréal 7075 Place Robert-Joncas 2848945 Canada Inc. 6335-6455 rue Jean-Talon Est; 7550 boul. Langelier Montréal

5500 North Service Road Property Inc, 5500 North Service Road Property LP 5500 North Service Road Burlington Inc. 5505 Boulevard Saint-Laurent Inc., Allied Properties Real Estate Investment 5505 St-Laurent blvd Montréal Trust 555 René GP Inc., 7761007 Canada Inc., 7929579 Canada Inc., Complexe 555 555 René-Lévesque West blvd Montréal RLO S.E.C. 630 René-Lévesque West Property Co. 630 René-Lévesque West blvd Montréal

57 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

6807992 Canada Limited 1760 Huron Church Road Windsor

6930221 Canada Inc. 400 avenue Kensington Westmount

6979530 Canada Inc. 2344 boul. Alfred-Nobel Montréal

6979611 Canada Inc. 22 Eddy Street Gatineau

6979637 Canada Inc. 455 de la Carrière Gatineau

7736266 Canada Inc. Autoroute 25, intersection Paul Kane Laval

7791313 Canada Inc. 5555 rue Cypihot Montréal

7943032 Canada Inc. 5600 ch. Côte de Liesse; 2175, 2205-2225 boul. des Montréal, Terrebonne Entreprises 8174709 Canada Inc., 8104441 Canada Inc., 8104450 Canada Inc., 8104468 100, 200, 300, 400 Consilium Place Toronto Canada Inc. 9045-4737 Québec Inc. 20 boulevard Bouthillier Ouest Rosemère

9070-8058 Québec Inc. 1255-1259 Berri Montréal

9103-1013 Québec Inc., Dundeal Canada 700 Montréal Limited Partnership 700 rue De La Gauchetiere Ouest Montréal

9103-4975 Québec Inc. 800, 850 boul. De Maisonneuve Est Montréal

9103-4983 Québec Inc. 888 boul. De Maisonneuve Est Montréal

9145-0692 Québec Inc, 9145-0577 Québec Inc., 9145-0627 Québec Inc., 9145- 1212, 1324 boul.Talbot; 705 avenue du Pont Nord; 39 Alma, Chandler, Chicoutimi, Gaspé, 0718 Québec Inc., 9145-0726 Québec Inc., 9145-0742 Québec Inc., 9145-0767 montée Sandy Beach; 1221 boul. Marcotte; 3460 boul. Saint- Jonquière, Roberval Québec Inc., Kimwood Lac Saint-Jean Holdings ULC Francois; 500 rue Daigneault 9145-9701 Québec Inc. 12655-12695 rue Sherbrooke Est Montréal

9170-4767 Québec Inc. 380 rue Sherbrooke Ouest Montréal

9176-2542 Québec Inc. 400 Main Street Saint-John

9177-2541 Québec Inc. 380-400 rue Sherbrooke Ouest Montréal

9179-8645 Québec Inc. 355-359 rue Ste-Catherine Ouest Montréal

58 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

9180-6851 Québec Inc. 4635 1ère Avenue; 1365-1371 ch. Ste-Foy; 1400 St-Jean- Dorval, Laval, Lévis, Longueuil, Baptiste; 1730 1750 et 1790 ave. Newton; 1990 Jean-Talon Montréal, Québec, Vanier Nord; 2006-2010, 2022 Lavoisier; 201-211 Laurier Est; 1540, 2100, 2200 Cyrille-Duquet; 2385 Watt; 2760-2794 Jacques- Cartier Est; 2800,2900-2976 Joseph-Armand-Bombardier; 2800 St-Jean-Baptiste; 3175 ch. Quatre-Bourgeois; 625-673 ave. Godin; 9101-9175 boul. des Sciences; 450 avenue St- Jean Baptiste; 1405-1475 55ème avenue; 1670 rue Semple; 2500 Jean-Perrin (Place Métrobec I); 2600 Jean-Perrin (Place Métrobec II); 2700 Jean-Perrin (Place Métrobec III); 50 route President Kennedy; 500 et 955 avenue Saint-Jean- Baptiste; 9100 rue du Parcours

9180-9293 Québec Inc. 3310-3550 boul. Côte-Vertu Montréal

9222-1605 Québec Inc. 1187-1199 Bleury Montréal

9223-8062 Québec Inc. 1307 rue Ste-Catherine Ouest Montréal

9241-1842 Québec Inc., 9264-3295 Québec Inc. 2045-2053 rue Peel Montréal

926 Capital Corp. 926 5th Avenue SW Calgary

939 GP Inc. 939 Eglinton Avenue East Toronto

ADG IMMOBILIER INC. 1170 boul. Lebourgneuf; 100 1ère rue (Thetford Mines) Québec, Thetford Mines

Aero Abbotsford Canada, Corp. 1337 Townline Road Abbotsford

Aménagement Westcliff ltée 40 rue Evangeline Granby

Amexon Capital Corporation 1177-1183A Finch Avenue West Toronto

Amexon Properties Inc. 480 University Ave. Toronto

Amexon Real Estate Investment Syndicate Inc. 1000 Finch Ave. W.; 4580 Dufferin Street Toronto

Amexon Realty Inc. 701 and 703 Evans Avenue Toronto

Artis Alpfordeau Ltd 635 6th Avenue SW Calgary

Artis Alpfordeau Ltd 521 3rd Avenue SW Calgary

59 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

Artis Meadowvale Gateway Ltd 400-450 Matheson Bvld. East; 100 Timberlea Bvld.; 6616, Mississauga 6700, 6760 Campobello Road Aspen Landing Shopping Centre L.P. 1450 85th Street SW Calgary

Balmain Operators Inc. 26-36 Mercer Street Toronto

Bayview Properties Ltd 60, 70, 65 Saghalie Road Victoria

Birkmont Corporation 1240 Square Phillips Montréal

Brookfield Office Properties Canada LP 333 Bay Street Toronto

Building B Canadian Shield Avenue Inc., 1145 Maritime Way Inc. 1025 Canadian Shield Avenue Ottawa

Burrard International Holdings Inc. 1030 West Georgia Street Vancouver

Cambridge Retirement Group Ltd 208 Hespeler Road Cambridge

Cameron Corporation,Canadian Property Holdings (Alberta) Inc. 10141 13th Avenue NW Edmonton

Canada-Les Halles Co. 7500 boul. des Galeries d'Anjou Montréal

Canadian Property Holding Inc. 1185 West Georgia Street; 6080 Young Street Halifax, Vancouver

Carrefour Langelier S.E.N.C., 8264635 Canada Inc., Carrefour Langelier SENC, 7225,7265,7275,7325,7335,7373,7445 boul. Langelier Montréal Columbia-Wertek Inc., Mazel Inc. Cataraqui Holdings Inc. 945 Gardiners Road Kingston

CDM de Montréal Inc. 87 rue Prince; 50, 80 rue Queen; 111 rue Duke; 700 rue Montréal Wellington, 75 rue Queen CDM Properties Ltd 242 Powder Drive Fort McMurray

Center 10 Corporation 515-517 10th Avenue SE Calgary

Centre Commercial Cavendish Cie ltée 5800 boul. Cavendish Côte-Saint-Luc

Centre Commercial Plaza LPC (2002) Inc. 100 rue du Terminus Rouyn-Noranda

Centre Commercial Plaza Roland-Therrien (1969) inc 1999-2125 boul. Roland-Therrien Longueuil

Centre Street Trust Nort East Corner of Center Street & 6th Avenue S.W. Calgary

Charter Acquisition Corp. 2360 Parkedale Avenue; 24614 Adelaide Road; 75 45th Brockville Street South Churchill Vaughan Office Inc. 199 Four Valley Drive Vaughan

60 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

Commercial Properties Limited 633 Main Street Moncton

Concert Real Estate Corporation 7167 Progress Way Delta

ConRes Property Income Fund III Managing GP Inc. 2450-2460 Weston Road Toronto

Copez Properties Ltd 1000 7th Avenue S.W. Calgary

Corporation Centrefund (Lachenaie) 492-560, 570 montée des Pionniers Terrebonne

Corporation FCHT Holdings (Québec) Inc. 7200-7400 boul. Taschereau Brossard

Crombie Limited Partnership 1894, 1990, 2000, 2021 Barrington Street; 5201, 5202, 5251 Halifax, Hamilton Duke Street; 1508 Upper James Street Crombie Property Holdings Limited 1100,1110,1120,1140,1150,1160 Carp Road; 400 Stittsville, Ottawa, Peterborough Lansdowne Street East CSH-HCN (Avondale) Inc. 1238 Queen Street East Toronto

CSH-HCN (Héritage) Inc. 610 Montreal Road Ottawa

Developpement Metro-Montreal Corporation 6348-6420 Sherbrooke est Montréal

Drewlo Holdings Inc. 635 Canterbury Street Woodstock

Dunbourne Properties Inc., Dunbourne Properties LP Inc. 95 Moatfield Drive; 225, Duncan Toronto

Dundeal Canada (GP) Inc., Dundeal Canada Limited Partnership 5201 50th Avenue; 4920 52nd Street; 5102 50th Avenue Yellowknife

Dundee Properties (GP) Inc. 2200, 2204 Walkley Road Ottawa

Dundee Properties Limited Partnership 2340 boul. St-Laurent Ottawa

Édifice 500 René-Lévesque Ouest Inc. 500 boul. René-Lévesque Ouest Montréal

Edifice Les Façades Inc. 400 boul. Jean Lesage Québec

Édifice Saint-Vallier S.E.C. 330-390 rue de St-Vallier Est Québec

Édifice Sandvar ltée 502-510 rue Ste-Catherine Est Montréal

El-Ad (1500 Don Mills) Limited 1500 Don Mills Road Toronto

Exploits Valley Mall Inc 19 Cromer Avenue Grand Falls-Windsor

First Capital ProMed (Meadowlark) Inc. 8713 156th Street NW Edmonton

61 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

First Gulf King Street Inc.,Sun Life Assurance Company of Canada (Toronto) 333 King Street East Toronto

Fonds de placement immobilier Cominar 2000 rue Halpern; 5100 rue Sherbrooke Est Montréal

Gander Shopping Centre Limited 132 Bennett Drive Gander

Gestion Golden Square Mile inc, Golden Trust, RCM Hôtel Inc., Sherbrooke 1228-1290 rue Sherbrooke Ouest Montréal Canada Trust, The HIG Settlement Trust, Torriani Property Trust

Gestion Sherbrooke Victoria Inc. 386-392 Avenue Victoria; 4858-4864, 4927, Sherbrooke Montréal Ouest Gillin Engineering and Construction Limited 141 Laurier Avenue West Ottawa

GM Développement Inc. 520-540-560 boulevard Charest Est Québec

Golden Gate Dixie Plaza Limited 14 Lisa Street Brampton

Grace Management Inc. 55 Isabella Street Toronto

Great-West Life Assurances Company, London Life Insurance Company 530 8th Avenue S.W.; 155 University Avenue Calgary, Toronto

Grenville-Germain Calgary Limited Partnership 899 Centre Street S.W. et 112 9th ave S.W. Calgary

Groupe Mercille Inc., François Mercille, Hélène Mercille, Louise Mercille 1111 rue St-Charles Ouest Longueuil

Heritage York Holdings Inc. 1210-1220 Sheppard Avenue East Toronto

Hillcrest Holdings Inc., Montez Hillcrest Inc. 9350 Yonge Street Richmond Hill

Homburg Trust 189 3400, 3500 boul. de Maisonneuve; 4045, 4046 Sainte- Montréal Catherine Ouest; 1500 ave. Atwater Hopewell (HDPII) Developments Inc. 6825 68th Street SE Calgary

HSBCB (BOPC) Inc., HSBCB Leasehold (BOPC) Inc. 70 York Street Toronto

IMH 120 Raglan Ltd 120 Raglan Avenue Toronto

Immeubles Marché St-Léonard Inc. 5915-5993 rue Bélanger Montréal

Immeubles Marché St-Joseph-du-Lac Inc. 3741-3773 Oka Road St-Joseph-du-Lac

Immeubles Régime Inc., 2416-6415 Quebec Inc., 9116-2602 Québec Inc. 880, 930 chemin Sainte-Foy Québec

Immeubles Régime VII Inc., 9089-0021 Québec Inc., 9164-3031 Québec Inc. 410 boulevard Charest Est Québec

62 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

Immeubles Régime VIII inc, 9097-0286 Québec Inc., 9164-3064 Québec Inc. 725 St-Joseph Est Québec

Ivanhoé Rive Nord Inc., Galeries Rive Nord Limited Partnership 100 boul. Brien Repentigny

Place Ste-Foy Limited Partnership represented by its General Partner, Ivanhoé 2450-2490, 2580 boul. Laurier Québec Ste-Foy Inc. Killam KFH (1355 Silver Spear Road) Inc. 1355 Silver Spear Road Mississauga

Killam KFH (Kanata Lakes) Inc. 1175 Maritime Way Kanata

Lansdowne Mall Inc. 645 Lansdowne Street West Peterborough

Larco Investments Ltd 4295 Blackcomb Way Whistler

Lasalle Canadian Income & Growth Fund II Limited Partnership 833 4th Avenue S.W. Calgary

Les Développements Plaza DM (2006) Inc., CBS Property Holdings Inc., 641 King Street East; 250 Airport Blvd; 1170 Kings Rd.; Deux-Montagnes, Gananoque Gestion Plaza Z-Corp. Limitée, Sydney River Investments Ltd, TC Land 2500 boul. des Promenades; 5490-5580 boul. Jean XXIII Gander, Sydney River, Trois- Holdings Corp. Rivières

Les Galeries Montmagny (1988) Inc. 81-91, 101 boul. Taché Ouest Montmagny

Linmar Investment Corporation Limited 705 Kingston Road Pickering

London City Centre London Inc. 380 Wellington; 275 Dundas Street London

Mayfair Shopping Centre Limited Partnership, 4239440 Canada Inc. 3147 Douglas Street; 775 Finlayson Street Victoria

Michael Novac 1718 Argyle Street Halifax

Midnapore Property Investments Inc. 10404 Jasper Avenue NW Edmonton

Midtown Plaza Limited Partnership 201 1st Avenue S Saskatoon

Montez Victoriaville Inc., Montez Retail Fund Inc., Société Immobilière Sym Inc. 1071-1121 boul. Jutras Est Victoriaville

Morguard Holdings Pl Ltd, 2250584 Ontario Inc. 2311, 2341, 2355 boul. Alfred-Nobel Montréal

Northen Property Limited Partnership 4901, 4911, 4921 49th Street; 4810, 4905, 4915 48th Street Yellowknife

Northland Properties Corporation 1755 West Broadway Vancouver

Northpoint East Development Corporation Vacant Lands east of Walton's Skyview Ranch development Calgary project in Northeast Calgary Old Oak Properties Inc. 405 Sugarcreek Trail London

63 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

Olymbec Development Inc. 100-190, 200-290 rue Voyageur; 2315 rue de la Province; Dorval, Longueuil, Montréal, Mont- 2365-2385 ch. Saint-Francois; 3540-3600 rue Griffith; 1955, Royal, Pointe-Claire, Repentiny, 2925, 5580-5584, 6635-6667 ch. Côte-de-Liesse; 585-599 Saint-Hyacinthe rue Iberville; 889 Montée-de-Liesse; 1900-1910 Norman; 10,500 Colbert;1406-1410 rue St-Amour; 2225 et 2231 boul. Hymus; 5700 rue Paré; 6749-6789 Place Pascal-Gagnon; 8148-8190, 8505, 8515 ch. Devonshire; 8489-8491 Ernest Cornier; 5600-5620 rue Notre-Dame; 1450-1470 boul. de Louvain Ouest; 1505-1525 rue Mazurette; 4580-4590-4600- 4610 rue Hickmore; 5623-5651 rue Ferrier; 6355-6395 rue Sherbrooke Est; 9450-9490 boul. de l'Acadie; 200 rue Stinson; 2700 rue Alphonse-Gariépy; 6767 boul. Léger; 3000 rue Cartier; 15-135, 155-255 rue Montpellier; 650 rue Hodge; 700 boul. Lebeau; 690-730 rue Deslauriers

Olymbec Development Inc., Edward I. Stern 6400 ch. Côte-de-Liesse; 131-141 avenue Labrosse; 210- Montréal, Pointe-Claire, Salaberry-de- 222 boul. Brunswick; 230 rue King West; 3140-3260 Valleyfield, Sherbrooke, Trois- Chanoine-Chamberland; 35 rue Robineault; 6300 Rivières Transcanada Hwy; 7175 rue Marion

Omers Realty Corporation 109 Street & Kingsway Avenue Edmonton

OPTrust Community Centres Inc. 225 Centennial Road Orangeville

Oxford Properties Group Inc. 3250 - 3300 Bloor Street West Toronto

Palicor Inc. 11025-11075 boul L.H. Lafontaine; 7655-7675 rue Larrey Montréal

Parallel Centre Ltd 1040 7th Avenue S.W. Calgary

Park Avenue Furniture Corporation 5811 46th Street SE Calgary

Petro Fina Capital Corp. 736 8th Avenue SW Calgary

Place d´Orleans Holdings Inc., PRR Trust 110 Place d'Orleans; 3013, 3025, St-Joseph Blvd Ottawa

Place du Royaume Inc. 1401 boul. Talbot Saguenay

Propriétés Tzanet Odyssey Inc. 1110-1146 boul. Marcel Laurin Montréal

PSPIB-RE Direct Inc., Kevric Real Estate Corporation 800 de La Gauchetière Ouest Montréal

Queen's Quay (BOPC) Inc. 207 Queens Quay West Toronto

64 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

Redbourne Redvest Inc., Redbourne Redvest S.E.C./LP 480, 3500, 3510 boul. Saint-Laurent; 205 Viger Ouest; 200- Montréal 210 boul. Crémazie Ouest; 740 rue Saint-Maurice; 8 place du Commerce

Remington Development Corporation 101 Quarry Green S.E. Calgary

Remington Properties Inc. 109 Quarry Park Blvd SE Calgary

Richcraft Lancaster Ltd, Richcraft Bexley Ltd, Richcraft Gladwin Ltd, Richcraft 2495 Lancaster Road; 1350-1372 Leeds Avenue; 1480 Ottawa Leeds Ltd, Richcraft Matthews Ltd, Richcraft Michael Ltd Michael Street; 200 Terence Matthews Crescent; 2239-2261, 2265-2287 Gladwin Crescent; 30 Stafford Rd; 6, 14, 20 Bexley Place

RioKim Holdings (Ontario) Inc. 815-845 Eglinton Avenue East Toronto

RioKim Holdings (PEI) Inc. 670 University Avenue Charlottetown

Riokim Holdings (Quebec) Inc. 200 boul. d'Anjou Châteauguay

RioTrin Properties (Vaughan 3) Inc. 7621 Weston Road Vaughan

Rosbrand Investments Inc. 4405 boul. Metropolitain Est Montréal

Royop (Southlands) Development Ltd 1941, 1991 Strachan Road SE Medicine Hat

Sherwood Developments Ltd 2000-2002 St-Mary's Road Winnipeg

Sifton Properties Limited 241, 255 Queens Avenue London

Société de commandite Lombard 909-915 boul. Pierre-Bertrand Québec

Société en commandite Kau et Associés 1501-1657 boul. Des Promenades; 7979 Weston Road Montréal, Vaughan

Société en commandite Wellington-Bridge 650-660 rue Bridge Montréal

Société Immobilière Cagim SEC 6700 boul. Pierre-Bertrand Québec

Société immobilière Locoshop Angus 2600 rue William-Tremblay; 4101 rue Molson Montréal

Sundance Place II Limited Partnership 1000 15 Sunpark Plaza SE Calgary

TC Land Holdings Corp. 84-96 Conception Bay Hwy; 3415-3425-3452 Dutch Road; Conception Bay South, Fredericton, 80 Kenmount Road; 30 Lian Street; 81-89 Regent Street; Halifax, New Glasgow, Saint-Jonh's 660 Westville Road The Renaissance Resort Retirement Living Inc. 6676 203rd Street Langley

65 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

The Standard Life Assurance Company of Canada 903 8th Avenue SW. Calgary

Timbercreek Opportunity Fund LP #2, TCR 2008 Equities Inc. 1867 Bloor Street; 25 Rambler Drive; 600 Kingston Road Mississauga, Brampton, Toronto

TN Trossacks Ltd 1549,1550,1554,1558,1562,1566 Trossacks London

Toulon Development Corporation 76-86 Starrs Road Yarmouth

Tour de la Bourse SPE Inc. 800 Place Victoria Montréal

TREIT Holdings 3 Corporation, TREIT Holdings 4 Corporation, TREIT Holdings 10006 MacDonald Ave.; 8200, 10300 Franklin Ave.; 10025 Fort McMurray 5 Corporation, TREIT Holdings 6 Corporation Gordon Ave. Vaughan West II Limited 500 Zenway Blvd Vaughan

Walton International Group Inc. Point Trotter Business Park Calgary

WCI Holdings Inc. 95, 115 King Street South Waterloo

Whiterock 200 Ste-Foy Inc. 200 chemin Sainte-Foy Québec

Whiterock Sussex Centre Mississauga Inc 50, 90 Burnhamthorpe Road West Mississauga

Windermere Commercial Lands Ltd 5110 Windermere Blvd NW Edmonton

York Bremner Developments Limited 15 York Street; 75 Bremner Blvd Toronto

IVANHOÉ CAMBRIDGE

Deerfoot Equities Inc. & Deerfoot Shape Properties Corp. 505 Burrard Street 2020 Vancouver

Kingsett Canadian Real Estate Income Fund 66 Wellington Street West Toronto

Oxford Properties Residential Limited Partnership 200 Bay Street, Suite 900 Toronto

PRR Trust 1 Adelaide Street East Suite 900 Toronto

SEC 901 Square-Victoria 901 Square Victoria Montréal

Waterfront Hospitality Inc., WPG Hargrave Hotel LP, 3428834 Canada Ltd, 5090 Explorer Drive, Suite 700 Mississauga 3755878 Canada Inc.

66 REAL ESTATE SECTOR (continued) 8 MORTGAGES OF $5 MILLION AND OVER As at December 31, 2012

BORROWERS ADDRESSES LOCATION

Foreign investments - United States

388 Realty Mezz LLC 420 Lexington Avenue New York

Stonehenge Partners LLC 235 West 48th Street, RP Level New York

Foreign investments - Others

Atelco Gestion y Promocion de Marcas, S.L Arga, 25 - Bis Madrid, Spain

Carvalho Holdings S.A. Avenida das Americas, 7777 Rio de Janeiro, Brazil

Europolis Selini Holding GmbH Kohlmarkt 8-10 Vienna, Austria

Mag-Import, S.L Orense, 62 - Piso 6B Madrid, Spain

OOO Octan Plus Alpha Kutuzovsky Prospect 26, Building 3 Moscow, Russia

67 Total JVM: 83,941,337,134.85 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES Total JVM Min: 83,940.53 9 as at December 31, 2012 Nb lignes : 3,601 (fair value - in millions of dollars)

Notes that are important for an understanding of the table :

This table lists the major investments in corporate shares and bonds as shown in the assets in the combined financial statements. This table is subject to the disclosure standards applicable to the annual list of such investments. In addition to these investments and according to the investment policies of the specialized portfolios, the manag ers use derivative financial instruments that generate a return on the Caisse's equity securities, without these securities being the property of the Caisse.

The annual list must not provide any information deemed to be detrimental to the operations of the Caisse, to its economic inte rests or competitiveness or which may reveal an intended transaction, a transaction or series of transactions in process or which may cause prejudice to a company. Consequently, there may occasionally exist differe nces between the investments in the annual list and those recorded in the books of the Caisse, at December 31.

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

3D Systems Corp 29.0 29.0 3M Co 803,100 74.3 74.3 3i Group PLC 1,215,172 4.3 4.3 361 Degrees International Ltd 2,313,000 0.7 0.7 407 International Inc 90.6 90.6 5N Plus Inc 2,096,900 5.6 5.6 ABB Ltd 2,914,058 59.4 59.4 ABC-Mart Inc 34,500 1.5 1.5 ABN Amro Bank NV 54.2 54.2 ABSA Group Ltd 770,994 14.8 14.8 ACC Ltd 114,075 3.0 3.0 ACE Ltd 584,089 46.4 46.4 ACS Actividades de Construccion y Servicios SA 185,872 4.7 4.7 ADM Galleus Fund II Limited fund units 567,540 33.9 33.9 ADM Galleus Fund Limited fund units 93,465 4.9 4.9 ADT Corp, The 282,150 13.1 13.1 ADTRAN Inc 94,000 1.8 1.8 AES Corporation 779,456 8.3 8.3 AES Gener SA 6,497,076 4.2 4.2 AES Tiete SA preferred 130,070 1.5 1.5 AGCO Corp 32,100 1.6 1.6 AGL Energy Ltd 735,164 11.7 11.7 AGL Resources Inc 94,554 3.8 3.8 AIA Group Ltd 15,638,899 60.8 60.8 AK Transneft OAO preferred 4,173 9.4 9.4 ALS Ltd 447,188 5.0 5.0 AMEC PLC 388,888 6.3 6.3 AMETEK Inc 590,500 22.1 22.1 AMMB Holdings Bhd 4,532,393 10.0 10.0 AMP Ltd 3,712,865 18.5 18.5

68 ANSYS Inc 18,300 1.2 1.2 AP Moeller - Maersk AS class A 722 5.1 5.1 class B 1,731 13.0 13.0 18.1 ARA Asset Management Ltd 700,000 0.9 0.9 ARC Resources Ltd 109,500 2.7 2.7 ARM Holdings PLC 1,658,408 20.6 20.6 ASM Pacific Technology Ltd class A 240,141 2.9 2.9 ASML Holding NV 414,520 26.1 26.1 ASX Ltd 218,663 7.1 7.1 AT&T Inc 7,101,361 238.4 238.4 AU Optronics Corp 14,635,641 6.5 6.5 AVIC Aircraft Co Ltd class A 188,374 0.3 0.3 AXA SA 2,586,827 45.3 45.3 Abbott Laboratories 1,945,210 126.9 126.9 Abercrombie & Fitch Co class A 63,900 3.1 3.1 Aberdeen Asset Management PLC 1,076,269 6.4 6.4 Abertis Infraestructuras SA 481,792 7.9 7.9 Aboitiz Equity Ventures Inc 5,186,500 6.7 6.7 Aboitiz Power Corp 4,937,009 4.4 4.4 Accenture PLC class A 691,100 45.8 45.8 Acciona SA 33,823 2.5 2.5 Accor SA 193,898 6.8 6.8 Accuray Inc 1,495,197 9.6 9.6 Acer Inc 419,241 0.4 0.4 Acom Co Ltd 49,830 1.4 1.4 Actelion Ltd 141,237 6.7 6.7 Activision Blizzard Inc 137,800 1.5 1.5 Actuant Corp class A 400,000 11.1 11.1 Adani Enterprises Ltd 495,116 2.4 2.4 Adani Ports and Special Economic Zone 901,895 2.2 2.2 Adaro Energy Tbk PT 38,629,000 6.4 6.4 Adecco SA 176,016 9.2 9.2 Adidas AG 405,975 35.9 35.9 Aditya Birla Nuvo Ltd 74,041 1.5 1.5 Admiral Group PLC 1,968,562 37.0 37.0 Adobe Systems Inc 535,600 20.1 20.1 Adriana Resources Inc 518,866 0.2 0.2 Advance Auto Parts Inc 24,200 1.7 1.7 Advanced Info Service PCL 3,191,577 21.7 21.7 Advanced Micro Devices Inc 1,752,162 4.2 4.2 Advanced Semiconductor Engineering Inc 8,757,318 7.6 7.6 Advanced Technology & Materials Co Ltd class A 88,700 0.2 0.2 Advantage Oil & Gas Ltd 290,500 0.9 0.9 Advantech Co Ltd 746,285 3.1 3.1 Advantest Corp 181,076 2.8 2.8 Adventure Gold Inc 2,908,765 0.9 0.9

69 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Aegon NV 2,189,009 13.8 13.8 Aeon Co Ltd 799,607 9.1 9.1 Aeon Credit Service Co Ltd 81,277 1.6 1.6 Aeon Mall Co Ltd 91,000 2.2 2.2 Aéroports de Paris 38,971 3.0 3.0 Aetna Inc 360,000 16.6 16.6 Affiliated Managers Group Inc 45,000 5.8 5.8 Aflac Inc 529,627 28.0 28.0 African Bank Investments Ltd 3,090,949 11.7 11.7 African Rainbow Minerals Ltd 288,303 6.4 6.4 Ageas 288,498 8.4 8.4 Aggreko PLC 352,226 9.9 9.9 Agile Property Holdings Ltd class A 4,557,194 6.4 6.4 Agilent Technologies Inc 373,200 15.2 15.2 Agnico-Eagle Mines Ltd 66,980 3.5 3.5 Agricultural Bank of China Ltd class A 3,535,409 1.6 1.6 class H 52,566,953 25.9 25.9 27.5 Agrium Inc 59,738 5.9 5.9 Aguas Andinas SA class A 6,238,077 4.4 4.4 Aimia Inc 23.2 23.2 AirAsia BHD 3,635,057 3.2 3.2 Air China Ltd class A 4,728,333 4.0 4.0 Air Liquide SA 405,553 50.6 50.6 Air Products & Chemicals Inc 253,900 21.2 21.2 Air Water Inc 194,000 2.5 2.5 Airgas Inc 78,200 7.1 7.1 Airports of Thailand PCL 1,150,200 3.6 3.6 Airtac International Group 223,000 1.3 1.3 Aisin Seiki Co Ltd 251,441 7.7 7.7 Aisino Co Ltd class A 85,596 0.2 0.2 Ajinomoto Co Inc 846,756 11.2 11.2 Akamai Technologies Inc 206,000 8.4 8.4 Akbank TAS 4,830,720 23.7 23.7 Aker Solutions ASA 214,231 4.3 4.3 Akorn Inc 18.2 18.2 Akzo Nobel NV 310,231 20.3 20.3 Alacer Gold Corp 79,700 0.4 0.4 Alaska Air Group Inc 270,000 11.6 11.6 Albemarle Corp 27,700 1.7 1.7 Alcoa Inc 1,275,000 11.0 9.8 20.8

70 Alexion Pharmaceuticals Inc 215,474 20.1 20.1 Alfa Laval AB 440,486 9.1 9.1 Alfa SAB de CV class A 7,616,450 16.0 16.0 Alfresa Holdings Corp 48,130 1.9 1.9 Algeta ASA 372,054 10.3 10.3 Algonquin Power Co 5.0 5.0 Align Technology Inc 320,371 8.9 8.9 Alimentation Couche-Tard Inc class B 2,230,308 109.1 100.9 210.0 All America Latina Logistica SA 2,712,473 11.0 11.0 All Nippon Airways Co Ltd 1,529,399 3.2 3.2 Alleghany Corp 79,077 26.4 26.4 Allegheny Technologies Inc 118,100 3.6 3.6 Allergan Inc 826,200 75.5 75.5 Alliance Data Systems Corp 13,500 1.9 11.5 13.4 Alliance Financial Group Bhd 2,751,114 3.9 3.9 Alliance Global Group Inc 11,024,127 4.5 4.5 Alliance Pipeline, LP 2.9 2.9 Alliant Energy Corp 36,500 1.6 1.6 Allianz SE 615,000 84.6 84.6 Allied Nevada Gold Corp 15,498 0.5 0.5 Allied World Assurance Co Holdings AG 61,100 4.8 4.8 Allstate Corp, The 603,600 24.1 24.1 Almacenes Exito SA 540,563 10.8 10.8 Alpek SA de CV 1,137,000 3.0 3.0 Alpha Natural Resources Inc 149,500 1.5 1.5 Alstom SA 273,362 10.8 10.8 AltaGas Ltd 67.4 67.4 AltaLink LP 38.7 38.7 Altera Corp 336,100 11.5 11.5 Altria Group Inc 2,601,880 81.4 81.4 Alumina Ltd 3,162,288 2.9 2.9 Aluminum Corp of China Ltd class A 9,732,441 4.4 4.4 Amada Co Ltd 468,198 3.0 3.0 Amadeus IT Holding SA 373,959 9.4 9.4 Amarin Corp PLC 428,072 3.5 3.5 Amazon.com Inc 438,700 109.7 109.7 Ambrilia Biopharma Inc 1,232,719 - - Ambuja Cements Ltd 1,385,431 5.1 5.1 Amcor Ltd 1,563,762 13.1 13.1 Ameren Corp 283,484 8.7 8.7 America Movil SAB de CV serie L 104,553,450 119.5 119.5 American Capital Agency Corp fund units 60,863 1.8 1.8 American Electric Power Co Inc 607,351 25.8 25.8 American Equity Investment Life Holding Co 120,000 1.5 19.5 21.0 American Express Co 2,140,521 122.5 122.5 American Financial Group Inc 110,000 4.3 4.3

71 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

American International Group Inc 1,980,474 69.6 69.6 American Public Education Inc 126,223 4.5 4.5 American Tower Corp fund units class A 475,900 36.6 36.6 American Water Works Co Inc 58,200 2.2 2.2 Ameriprise Financial Inc 368,402 23.0 23.0 AmerisourceBergen Corp 262,415 11.3 11.3 Amethyste Arbitrage Fund fund units 3,680,548 33.0 33.0 Amex Exploration Inc 3,618,000 0.4 0.4 Amgen Inc 854,513 73.5 530.5 604.0 Amil Participacoes SA 112,300 1.7 1.7 Amira Nature Foods Ltd 514,100 4.1 4.1 Amkor Technology Inc 7.2 7.2 Amorepacific Corp 8,629 9.7 9.7 Amorepacific Group 7,495 3.3 3.3 Amphenol Corp class A 169,632 10.9 10.9 Amseco Exploration Ltd 496,000 - - AnXin Trust & Investment Co Ltd class A 49,700 0.1 0.1 Anadarko Petroleum Corp 744,800 55.1 55.1 Anadolu Efes Biracilik Ve Malt Sanayii AS 556,168 8.0 8.0 Analog Devices Inc 317,800 13.3 13.3 Andritz AG 95,563 6.1 6.1 Angang Steel Co Ltd class A 2,790,124 2.0 2.0 Angel Yeast Co Ltd class A 25,400 0.1 0.1 Angle Energy Inc 199,400 0.7 0.7 Anglo American Platinum Ltd 180,939 9.5 9.5 Anglo American PLC 1,803,271 55.3 55.3 AngloGold Ashanti Ltd 1,048,129 32.3 32.3 Anhanguera Educacional Participacoes SA 2,313,613 38.9 38.9 Anheuser-Busch InBev NV 1,142,205 98.6 98.6 Anhui Conch Cement Co Ltd class A 3,241,250 11.5 11.5 Anhui Golden Seed Winery Co Ltd class A 65,500 0.2 0.2 Anhui Gujing Distillery Co Ltd class A 16,200 0.1 0.1 Anhui Hengyuan Coal-Electricity Group Co Ltd class A 51,999 0.1 0.1 Anhui Jianghuai Automobile Co Ltd class A 141,162 0.2 0.2 Anhui USTC iFlytek Co Ltd class A 38,175 0.2 0.2 Anhui Zhongding Sealing Parts Co Ltd class A 45,700 0.1 0.1 Annaly Capital Management Inc fund units 303,100 4.2 4.2 Anta Sports Products Ltd 2,046,000 1.8 1.8 Antofagasta PLC 511,034 11.0 11.0 Anyang Iron & Steel Co Ltd class A 175,687 0.1 0.1

72 Aon PLC 332,900 18.4 18.4 Aozora Bank Ltd 721,000 2.2 2.2 Apache Corp 511,840 40.0 40.0 Apartment Investment & Management Co fund units 116,600 3.1 3.1 Apollo Group Inc class A 80,800 1.7 1.7 Apple Inc 2,082,100 1,105.1 1,105.1 Applied Materials Inc 1,311,100 14.9 14.9 Aptilon Corp 819,593 - - Arca Continental SAB de CV 864,862 6.4 6.4 Arcelik AS 634,716 4.1 4.1 ArcelorMittal class A 1,207,261 20.5 20.5 ArcelorMittal South Africa Ltd 475,732 2.0 2.0 Arch Capital Group Ltd 35,533 1.6 1.6 Archer Daniels Midland Company 823,697 22.5 22.5 Arezzo Industria e Comercio SA 224,000 4.3 4.3 Ariad Pharmaceuticals Inc 204,775 3.9 3.9 Arianne Resources Inc 408,523 0.4 0.4 Arkema SA 80,866 8.4 8.4 Arrow Electronics Inc 171,600 6.5 6.5 Arrow Lakes Power 20.9 20.9 Arteris SA 843,800 7.8 7.8 Arthur J Gallagher & Co 86,490 3.0 3.0 Artio Global Investors Inc class A 416,097 0.8 0.8 Aryzta AG 114,491 5.8 5.8 Asahi Glass Co Ltd 1,325,207 9.6 9.6 Asahi Group Holdings Ltd 524,686 11.1 11.1 Asahi Kasei Corp 1,658,547 9.7 9.7 Asbestos Corp Ltd 259,065 0.1 0.1 Ascendas Real Estate Investment Trust fund units 2,505,210 4.8 4.8 Asciano Ltd 1,304,113 6.3 6.3 Asia Cement Corp 5,202,848 6.7 6.7 Asian Development Bank 8.2 8.2 Asian Paints Ltd 108,794 8.8 8.8 Asics Corp 196,847 3.0 3.0 Aspect Diversified Fund fund units 800,001 105.6 105.6 Aspen Pharmacare Holdings Ltd 1,368,786 27.2 27.2 Assa Abloy AB class B 438,560 16.3 16.3 Asseco Poland SA 187,349 2.7 2.7 Assicurazioni Generali SpA 1,458,399 26.3 26.3 Associated British Foods PLC 867,642 22.0 22.0 Assore Ltd 93,667 4.5 4.5 Assurant Inc 82,700 2.9 2.9 Astellas Pharma Inc 537,190 24.0 24.0 Astra Agro Lestari Tbk PT 313,589 0.6 0.6 Astra International Tbk PT 54,323,650 42.7 42.7 AstraZeneca PLC 1,586,461 74.7 74.7

73 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Asustek Computer Inc 283,424 3.2 3.2 Asya Katilim Bankasi AS 1,337,292 1.7 1.7 Athabasca Oil Corp 256,200 2.7 2.7 Atlantia SpA 434,380 7.8 7.8 Atlantic Power LP 21.7 21.7 Atlas Copco AB class A 1,988,576 54.3 54.3 class B 512,227 12.4 12.4 66.7 Atmel Corp 950,000 6.2 6.2 AtoS 65,286 4.5 4.5 Atrium European Real Estate Ltd 328,000 1.9 1.9 Atrium Innovations Inc 2,941,173 35.2 35.2 Attijariwafa Bank 80,870 3.0 3.0 AuRico Gold Inc 90,352 0.7 0.7 Auckland International Airport Ltd 1,215,260 2.7 2.7 Aurizon Holdings Ltd 2,384,712 9.2 9.2 Aurizon Mines Ltd 2,222,430 7.6 7.6 Aurvista Gold Corporation 2,505,500 0.6 0.6 Australia & New Zealand Banking Group Ltd 3,703,653 95.9 95.9 AutoNation Inc 31,300 1.2 1.2 AutoZone Inc 142,832 50.4 50.4 Autodesk Inc 236,900 8.3 8.3 Autoliv Inc 31,540 2.1 2.1 Automatic Data Processing Inc 556,400 31.6 31.6 Autonomy Global Macro Fund fund units 313,556 101.5 101.5 Avago Technologies Ltd 416,157 13.1 13.1 AvalonBay Communities Inc fund units 115,300 15.6 15.6 Aveng Ltd 1,077,755 3.9 3.9 Avery Dennison Corp 113,500 4.0 4.0 AviChina Industry & Technology Co Ltd class H 4,652,000 2.0 2.0 Avic Heavy Machinery Co Ltd class A 66,300 0.1 0.1 Avis Budget Group Inc 8.1 8.1 Aviva PLC 3,660,135 22.1 22.1 Avnet Inc 216,300 6.6 6.6 Avon Products Inc 488,300 7.0 7.0 Axel Springer AG 51,950 2.2 2.2 Axiata Group Bhd 6,846,886 14.7 14.7 Axis Bank Ltd 737,296 18.2 18.2 Axis Capital Holdings Ltd 108,472 3.7 3.7 Ayala Corp 635,966 8.0 8.0 Ayala Land Inc 14,761,936 9.5 9.5

74 Azimut Exploration Inc 797,303 0.3 0.3 Azure Dynamics Corp 749,737 - - B2Gold Corp 177,000 0.6 0.6 BAE Systems PLC 4,925,883 26.9 26.9 BASF SE 1,242,215 116.0 116.0 BBMG Corp class H 2,486,500 2.3 2.3 BB&T Corp 740,300 21.5 21.5 BCE Inc 255,817 10.9 10.9 BDO Unibank Inc 4,318,910 7.6 7.6 B/E Aerospace Inc 400,000 19.7 19.7 BEC World PCL 2,630,069 4.6 4.6 BG Group PLC 6,488,533 106.3 106.3 BGP Holdings PLC 2,416,150 - - BHP Billiton Ltd 4,192,116 160.8 160.8 BHP Billiton PLC 2,792,593 96.3 96.3 BIM Birlesik Magazalar AS 285,173 13.9 13.9 BMC Software Inc 170,100 6.7 6.7 BM&FBovespa SA 4,055,984 27.6 27.6 BMO Capital Trust 42.0 42.0 BNP Paribas SA 1,328,971 74.3 74.3 BOC Hong Kong Holdings Ltd class A 4,621,500 14.3 14.3 BOE Technology Group Co Ltd class A 934,920 0.3 0.3 BP PLC 24,208,769 171.0 171.0 BR Malls Participacoes SA 1,347,074 17.7 17.7 BR Properties SA 817,400 10.1 10.1 BRE Bank SA 39,578 4.2 4.2 BRF - Brasil Foods SA 1,691,216 34.7 34.7 BRP Finance ULC 77.5 77.5 BS Financial Group Inc 467,084 5.7 5.7 BT Group PLC 10,407,111 38.9 38.9 Babcock International Group PLC 472,913 7.4 7.4 Bajaj Auto Ltd 216,410 8.4 8.4 Baker Hughes Inc 561,199 22.8 22.8 Baldwin & Lyons Inc class B 87,660 2.1 2.1 Balfour Beatty PLC 916,835 4.1 4.1 Balkrishna Industries Ltd 150,000 0.8 0.8 Ball Corp 169,500 7.6 7.6 Baloise Holding AG 59,306 5.1 5.1 Banca Monte dei Paschi di Siena SpA 8,174,541 2.4 2.4 Banco Bilbao Vizcaya Argentaria SA 7,073,098 64.6 64.6 Banco Bradesco SA 1,005,800 16.6 16.6 preferred 5,072,727 86.8 86.8 103.4 Banco Davivienda SA preferred 215,852 2.9 2.9 Banco de Chile 47,540,846 7.7 7.7 class T 2,140,583 0.3 0.3 8.0 Banco de Credito e Inversiones 84,225 5.8 5.8

75 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Banco de Sabadell SA 3,534,504 9.2 9.2 Banco do Brasil SA 1,477,363 18.4 18.4 Banco do Estado do Rio Grande do Sul SA preferred B 225,514 1.7 1.7 Banco Espirito Santo SA 2,604,205 3.1 3.1 Banco Popolare SC 2,202,973 3.6 3.6 Banco Popular Espanol SA 6,902,191 5.3 5.3 Banco Santander Chile SA 177,008,693 12.4 12.4 Banco Santander SA 13,278,805 106.3 106.3 Banco Santander SA (Brasil) fund units 724,981 5.3 5.3 Bancolombia SA 615,560 10.4 10.4 preferred 872,257 14.7 14.7 25.1 Bangkok Bank PCL 3,739,703 24.9 24.9 Bangkok Dusit Medical Services PCL 829,500 3.1 3.1 Bank Central Asia Tbk PT 32,753,098 30.8 30.8 Bank Danamon Indonesia Tbk PT 8,913,130 5.2 5.2 Bank Handlowy w Warszawie SA 87,664 2.8 2.8 Bank Hapoalim BM 1,325,039 5.6 5.6 Bank Leumi Le-Israel BM 1,567,302 5.3 5.3 Bank Mandiri Persero Tbk PT 25,048,374 21.0 21.0 Bank Millennium SA 1,147,075 1.6 1.6 Bank Nederlandse Gemeenten NV 443.1 443.1 Bank Negara Indonesia Persero Tbk PT 19,818,980 7.6 7.6 Bank of America Corp 13,261,774 153.2 170.1 323.3 Bank of Ayudhya PCL 6,520,592 6.9 6.9 Bank of Baroda 216,057 3.4 3.4 Bank of Beijing Co Ltd class A 755,744 1.1 1.1 Bank of China Ltd class A 178,464,481 79.3 79.3 Bank of Communications Co Ltd class A 19,567,437 14.8 14.8 Bank of East Asia Ltd class A 1,599,309 6.1 6.1 Bank of India 258,426 1.6 1.6 Bank of Kyoto Ltd, The 402,311 3.4 3.4 Bank of Montreal 228,080 13.9 346.0 359.9 Bank of Nanjing Co Ltd class A 303,775 0.5 0.5 Bank of New York Mellon Corp, The 2,278,180 58.3 58.3 Bank of Ningbo Co Ltd class A 172,100 0.3 0.3 Bank of Nova Scotia, The 1,903,135 109.3 382.3 491.6 Bank of the Philippine Islands 1,908,797 4.4 4.4 Bank of Yokohama Ltd, The 1,552,435 7.2 7.2 Bank Pekao SA 316,892 17.1 17.1 Bank Rakyat Indonesia Persero Tbk PT 29,494,732 21.2 21.2

76 Bankers Petroleum Ltd 81,800 0.3 0.3 Bankia SA 1,262,577 0.6 0.6 Banpu PCL 397,230 5.2 5.2 Banque Cantonale Vaudoise 3,761 2.0 2.0 Baoding Tianwei Baobian Electric Co Ltd class A 105,804 0.1 0.1 Baoji Titanium Industry Co Ltd class A 37,300 0.1 0.1 Baoshan Iron & Steel Co Ltd class A 7,641,376 6.0 6.0 Baoye Group Co Ltd class H 3,892,000 2.7 2.7 Barclays PLC 15,800,716 67.1 67.1 Barloworld Ltd 588,786 6.1 6.1 Barrick Gold Corp 8,532,827 297.1 297.1 Barry Callebaut AG 2,376 2.3 2.3 Batavia Investment Fund Ltd fund units 7,754 - - Baxter International Inc 753,400 50.0 50.0 Bayer AG 1,000,894 94.5 94.5 Bayerische Motoren Werke AG 434,621 41.6 41.6 preferred 68,516 4.4 4.4 46.0 Baytex Energy Corp 38,724 1.7 1.7 Bayview Commercial Asset Trust 1.4 1.4 Beam Inc 184,600 11.2 11.2 Bear Stearns Cos LLC, The 106.7 106.7 Becton Dickinson and Co 213,500 16.6 16.6 Bed Bath & Beyond Inc 279,000 15.5 15.5 Befar Group Co Ltd class A 39,400 0.1 0.1 Beiersdorf AG 132,317 10.8 10.8 Beijing Capital Co Ltd class A 152,456 0.1 0.1 Beijing Capital Development Co Ltd class A 114,700 0.2 0.2 Beijing Capital International Airport Co Ltd class A 4,416,465 3.2 3.2 Beijing Dabeinong Technology Group Co Ltd class A 60,800 0.2 0.2 Beijing Enterprises Holdings Ltd class A 1,215,969 7.9 7.9 Beijing Gehua CATV Network Co Ltd class A 102,996 0.1 0.1 Beijing Haohua Energy Resource Co Ltd class A 60,664 0.1 0.1 Beijing Huaye Realestate Co Ltd class A 143,880 0.1 0.1 Beijing Kangde Xin Composite Material Co Ltd class A 52,200 0.2 0.2 Beijing New Building Material PLC class A 1,008,899 2.8 2.8 Beijing North Star Co Ltd class A 226,800 0.1 0.1 Beijing Orient Landscape Co Ltd class A 18,148 0.2 0.2 Beijing Shougang Co Ltd class A 199,900 0.1 0.1 Beijing Shunxin Agriculture Co class A 40,300 0.1 0.1 Beijing SL Pharmaceutical Co Ltd class A 119,084 0.8 0.8 Beijing Tiantan Biological Products Co class A 40,271 0.1 0.1 Beijing Tongrentang Co Ltd class A 99,005 0.3 0.3 Beijing Urban Construction Investment & Development Co Ltd class A 75,800 0.2 0.2 Beijing Wangfujing Department Store Group Co Ltd class A 39,392 0.2 0.2 Beijing Yanjing Brewery Co., Ltd class A 191,228 0.2 0.2 Beijing Zhongke Sanhuan High-Tech Co Ltd class A 53,800 0.3 0.3

77 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Beiqi Foton Motor Co Ltd class A 192,700 0.2 0.2 Belgacom SA 202,008 5.9 5.9 Bell Aliant Inc 78,645 2.1 2.1 Bell Aliant Regional Communications LP 129.6 129.6 Bell Canada 232.4 232.4 Belle International Holdings Ltd class A 10,947,267 23.7 23.7 Bemis Co Inc 82,700 2.8 2.8 Bendigo and Adelaide Bank Ltd 503,368 4.4 4.4 Benesse Holdings Inc 87,439 3.6 3.6 Berjaya Sports Toto Bhd 1,812,889 2.6 2.6 Berkshire Hathaway Inc class B 1,686,900 150.7 150.7 BesTV New Media Co Ltd class A 73,700 0.2 0.2 Best Buy Co Inc 335,402 4.0 4.0 Bezeq The Israeli Telecommunication Corp Ltd 2,512,551 2.9 2.9 Bharat Heavy Electricals Ltd 1,509,011 6.3 6.3 Bharat Petroleum Corp Ltd 572,675 3.7 3.7 Bharti Airtel Ltd 2,712,280 15.6 15.6 Bidvest Group Ltd 791,598 20.0 20.0 Big Lots Inc 177,950 5.0 5.0 Bill Barrett Corp 3,600 0.1 0.1 BioMed Realty LP 8.3 8.3 BioMimetic Therapeutics Inc 530,000 3.8 3.8 Biogen Idec Inc 356,573 52.1 52.1 Biostime International Holdings Ltd 544,500 1.7 1.7 Black Diamond Relative Value Fund Ltd fund units 576,941 82.5 82.5 BlackPearl Resources Inc 17,250,000 52.3 52.3 BlackRock Inc class A 147,400 30.3 30.3 Blue Mountain Credit Alternatives Fund Ltd fund units 640,988 73.1 73.1 Blue Note Mining Inc 6,668,813 0.1 0.1 BlueTrend Fund Ltd fund units 1,239,770 166.8 166.8 Boeing Company, The 836,700 62.8 62.8 Bohai Leasing Co Ltd class A 64,100 0.1 0.1 Boliden AB 354,446 6.6 6.6 Bombardier Inc class A 6,019,400 23.0 23.0 class B 50,629,200 190.4 190.4 213.4 Bonavista Energy Corp 8,424,309 124.9 124.9 Boral Ltd 983,394 4.4 4.4 BorgWarner Inc 131,700 9.4 9.4 Bosch Ltd 11,000 1.9 1.9 Bosideng International Holdings Ltd 6,820,000 2.0 2.0

78 Boston Properties Inc fund units 221,700 23.4 23.4 Boston Properties LP 10.3 10.3 Boston Scientific Corp 1,465,800 8.4 8.4 Bouygues SA 249,577 7.3 7.3 Bowmore Exploration Ltd 104,000 - - Bradespar SA preferred 516,741 8.3 8.3 Brambles Ltd 2,065,443 16.0 16.0 Braskem SA preferred A 357,856 2.2 2.2 Brenntag AG 67,602 8.8 8.8 Brevan Howard Fund Ltd fund units 309,087 85.3 85.3 Bridgestone Corp 864,760 22.1 22.1 Bridgewater Pure Alpha Fund II Ltd fund units 84,283 105.1 105.1 Bridgewater Pure Alpha Major Markets II Ltd fund units 47,500 51.8 51.8 Bright Dairy & Food Co Ltd class A 61,851 0.1 0.1 Brilliance China Automotive Holdings Ltd 5,992,000 7.3 7.3 Brionor Resources Inc 2,955,555 0.1 0.1 Bristol-Myers Squibb Co 2,054,667 66.7 66.7 British American Tobacco Malaysia Bhd 344,226 7.0 7.0 British American Tobacco PLC 2,674,216 135.1 135.1 British Columbia Ferry Services Inc 12.6 12.6 British Land Co PLC fund units 1,242,691 11.3 11.3 British Sky Broadcasting Group PLC 1,431,699 17.8 17.8 Bro-X Minerals Ltd 7,920 - - Broadcom Corp class A 867,100 28.7 28.7 Brookfield Asset Management Inc class A 479,645 17.5 59.2 76.7 Brookfield Incorporacoes SA 1,687,344 2.8 2.8 Brookfield Office Properties Inc 21,559,677 365.7 365.7 Brother Industries Ltd 284,900 3.0 3.0 Brown & Brown Inc 250,200 6.3 6.3 Brown-Forman Corp class B 190,392 12.0 12.0 Bruker Corp 200,000 3.0 3.0 Bumi Armada Bhd 3,144,100 4.1 4.1 Bumi Resources Tbk PT 39,024,997 2.4 2.4 Bunge Ltd 48,400 3.5 3.5 Bunzl PLC 435,137 7.1 7.1 Burberry Group PLC 579,676 11.5 11.5 Bureau Veritas SA 72,542 8.1 8.1 Business Development Bank of Canada 52.1 52.1 Byd Co Ltd class A 1,285,775 3.9 3.9 CA Inc 364,100 8.0 8.0 CAE Inc 7,919,700 79.8 79.8 CAI International Inc 89,700 2.0 2.0 CAP SA 200,539 6.7 6.7 CARBO Ceramics Inc 33,523 2.6 2.6 CBOE Holdings Inc 181,163 5.3 5.3 CBRE Group Inc class A 309,100 6.1 6.1

79 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

CBS Corp class B 718,400 27.2 27.2 CCR SA 2,262,400 21.4 21.4 CDP Pan Asia Strategies Fund Ltd fund units 42,150 37.1 37.1 CETIP SA - Mercados Organizados 1,252,676 15.5 15.5 CEZ AS 433,146 15.4 15.4 CF Industries Holdings Inc 71,435 14.5 14.5 CFS Retail Property Trust Group fund units 2,478,456 4.9 4.9 CGI Group Inc class A 68,136,698 1,563.1 1,563.1 CH Robinson Worldwide Inc 195,300 12.3 12.3 CI Financial Corp 53,700 1.3 1.3 CIBC Capital Trust 28.9 28.9 CIMB Group Holdings Bhd 13,208,642 32.8 32.8 CIT Group Inc 157,200 6.1 6.1 CITIC Guoan Information Industry Co Ltd class A 160,400 0.2 0.2 CJ CheilJedang Corp 21,060 7.0 7.0 CJ Corp 38,920 4.3 4.3 C&J Energy Services Inc 29,500 0.6 0.6 CLP Holdings Ltd class A 2,321,819 19.3 19.3 CME Group Inc class A 425,440 21.5 21.5 CMS Energy Corp 395,290 9.6 28.8 38.4 CNHTC Jinan Truck Co Ltd class A 38 - - CNOOC Ltd class A 58,229,681 125.5 125.5 CNP Assurances 201,538 3.1 3.1 COFCO Property Group Co Ltd class A 157,100 0.1 0.1 COFCO Tunhe Co Ltd class A 68,550 0.1 0.1 CONSOL Energy Inc 272,565 8.7 8.7 COSCO Pacific Limited class A 3,931,153 5.6 5.6 COSCO Shipping Co Ltd class A 147,580 0.1 0.1 CP ALL PCL 11,813,060 17.7 17.7 CPFL Energia SA 180,560 1.9 1.9 CR Bard Inc 83,900 8.2 8.2 CRH PLC 936,403 18.8 18.8 CRISIL Ltd 110,000 2.2 2.2 CSG Holding Co Ltd class A 180,022 0.2 0.2 CSL Ltd 589,198 32.8 32.8 CSX Corp 1,253,100 24.6 24.6 CTCI Corp 1,550,000 3.1 3.1 CU Inc 85.9 85.9 CVS Caremark Corp 1,536,800 74.0 74.0 CVTech Group Inc 3,322,900 3.6 3.6

80 Cabia Goldhills Inc 775,000 0.2 0.2 Cablevision Systems Corp class A 250,000 3.7 3.7 Cabot Oil & Gas Corp 224,200 11.1 11.1 Cadence Design Systems Inc 190,800 2.5 10.1 12.6 Cadila Healthcare Ltd 172,000 2.8 2.8 Cairn Energy PLC 3,107 - - Cairn India Ltd 1,159,979 6.7 6.7 Caisse Centrale Desjardins du Quebec 87.4 87.4 Caisse des Dépôts et Consignations 44.0 44.0 CaixaBank 1,024,141 3.5 3.5 Calbee Inc 21,500 1.5 1.5 Calfrac Well Services Ltd 12,200 0.3 0.3 Calix Inc 780,000 6.0 6.0 Calpine Corp 119,000 2.1 2.1 Caltex Australia Ltd 166,131 3.3 3.3 Camden Property Trust fund units 23,900 1.6 1.6 Cameco Corp 14,931,577 292.5 62.9 355.4 Cameron International Corp 264,000 14.8 14.8 Campbell Soup Co 221,400 7.7 7.7 Canada Housing Trust No 1 4,965.8 4,965.8 Canada Lithium Corp 14,133,800 9.3 9.3 Canada Mortgage & Housing Corp 261.0 261.0 Canadian Imperial Bank of Commerce 139,800 11.2 307.5 318.7 Canadian National Railway Co 5,840,265 527.6 527.6 Canadian Natural Resources Limited 12,845,336 367.9 367.9 Canadian Oil Sands Ltd 411,400 8.3 9.0 17.3 Canadian Pacific Railway Limited 70,100 7.1 7.1 Canadian Tire Corporation, Limited class A 31,900 2.2 33.5 35.7 Canadian Utilities Ltd class A 3,939,262 283.4 10.1 293.5 Canadian Western Bank 3,746,756 106.6 106.6 Canam Group Inc class A 3,439,200 20.6 20.6 Canara Bank 199,431 1.8 1.8 Cancor Mines Inc 6,268,645 0.3 0.3 CanElson Drilling Inc 122,900 0.6 0.6 Canfor Corp 25,400 0.4 0.4 Canon Inc 1,366,355 52.6 52.6 Cap Gemini SA 179,162 7.7 7.7 Capita Group Plc, The 858,471 10.5 10.5 CapitaCommercial Trust fund units 2,483,000 3.4 3.4 Capital Desjardins Inc 240.0 240.0 Capital One Financial Corporation 768,001 44.3 44.3 Capital Power LP 8.3 8.3 Capital Securities Corp 4,495,863 1.7 1.7 Capital Shopping Centres Group PLC fund units 715,058 4.1 4.1 CapitaLand Ltd 3,203,801 9.7 9.7 CapitaMall Trust fund units 3,052,907 5.3 5.3

81 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

CapitaMalls Asia Ltd 1,704,000 2.7 2.7 Cardinal Health Inc 637,300 26.1 26.1 CareFusion Corporation 228,100 6.5 6.5 Carlisle Cos Inc 79,614 4.7 4.7 Carlsberg AS class B 140,418 13.7 13.7 CarMax Inc 259,000 9.7 9.7 Carnival Corp 984,500 36.0 36.0 Carnival PLC 239,337 9.1 9.1 Carrefour SA 795,645 20.2 20.2 Cartier Resources Inc 4,583,149 0.7 0.7 Cascades Inc 3,018,868 12.4 12.4 Casino Guichard Perrachon SA 75,141 7.1 7.1 Casio Computer Co Ltd 292,956 2.5 2.5 Castellum AB 106,450 1.5 1.5 Catamaran Corp 63,000 3.0 3.0 Catcher Technology Co Ltd 196,307 1.0 1.0 Caterpillar Inc 792,000 70.6 70.6 Cathay Financial Holding Co Ltd 14,141,876 15.3 15.3 Cathay Pacific Airways Ltd class A 1,404,040 2.6 2.6 Celanese Corp class A 50,000 2.2 2.2 Celesio AG 99,083 1.7 1.7 Celgene Corp 457,640 35.9 35.9 Celltrion Inc 27,796 0.7 0.7 Celtic Exploration Ltd 59,392 1.6 1.6 Cementos Argos SA 1,081,774 6.2 6.2 Cemex SAB de CV fund units 28,442,574 27.7 27.7 Cencosud SA 2,685,940 14.5 14.5 Cenovus Energy Inc 8,294,193 276.1 276.1 CenterPoint Energy Inc 977,100 18.7 18.7 Centerra Gold Inc 68,027 0.6 0.6 Centrais Elétricas Brasileiras S.A. 173,420 0.5 0.5 preferred B 363,763 1.9 1.9 2.4 Central Fund of Canada Ltd fund units class A 38,900 0.8 0.8 Central Japan Railway Co 192,000 15.5 15.5 Central Pattana PCL 1,754,200 4.7 4.7 Centrica PLC 6,841,898 36.9 36.9 Centro Retail Australia fund units 1,693,036 4.0 4.0 Century Aluminum Co 2,000,000 17.4 17.4 CenturyLink Inc 866,072 33.7 33.7 Cerner Corp 150,140 11.6 11.6

82 Chailease Holding Co Ltd 1,652,000 3.8 3.8 Chang Hwa Commercial Bank 11,661,581 6.4 6.4 Changjiang Securities Co Ltd class A 179,730 0.3 0.3 Changyuan Group Ltd class A 80,000 0.1 0.1 Chaoda Modern Agriculture Holdings Ltd class A 4,231,195 - - Chaowei Power Holdings Ltd 550,000 0.3 0.3 Charles River Laboratories International Inc 144,400 5.4 5.4 Charles Schwab Corp, The 1,203,905 17.2 17.2 Charoen Pokphand Foods PCL 8,312,000 9.1 9.1 Charoen Pokphand Indonesia Tbk PT 19,803,500 7.5 7.5 Chart Industries Inc 8.7 8.7 Charter Communications Inc class A 13,100 1.0 1.0 Chartwell Seniors Housing Real Estate Investment Trust fund units 8,708,100 94.7 94.7 Check Point Software Technologies Ltd 343,536 16.3 16.3 Cheil Industries Inc 126,656 11.1 11.1 Cheil Worldwide Inc 246,990 5.0 5.0 Chemed Corp 82,329 5.6 5.6 Cheng Shin Rubber Industry Co Ltd 4,916,691 12.7 12.7 Cheng Uei Precision Industry Co Ltd 735,272 1.6 1.6 Chengdu B-Ray Media Co Ltd class A 70,680 0.1 0.1 Chengdu Dr Peng Telecom & Media Group Co Ltd class A 169,100 0.2 0.2 Chengdu Xingrong Investment Co Ltd class A 77,900 0.1 0.1 Cheniere Energy Inc 300,000 5.6 5.6 Chenzhou Mining Group Co Ltd class A 77,420 0.3 0.3 Chesapeake Energy Corp 630,600 10.4 10.6 21.0 Cheung Kong Holdings Ltd class A 1,752,979 26.8 26.8 Cheung Kong Infrastructure Holdings Ltd class A 655,000 4.0 4.0 Chevron Corp 2,371,888 255.4 255.4 Chiba Bank Ltd, The 928,409 5.4 5.4 Chicony Electronics Co Ltd 630,192 1.5 1.5 China Aerospace Times Electronics Co Ltd class A 107,350 0.1 0.1 China Agri-Industries Holdings Ltd class A 5,144,213 2.9 2.9 China Airlines Ltd 4,242,816 1.7 1.7 China Animal Husbandry Industry Co class A 29,900 0.1 0.1 China Aviation Optical-Electrical Technology Co Ltd class A 23,700 - - China Avic Avionics Equipment Co Ltd class A 55,520 0.1 0.1 China Baoan Group Co Ltd class A 156,658 0.2 0.2 China BlueChemical Ltd class A 4,166,386 2.8 2.8 China CAMC Engineering Co Ltd class A 27,328 0.1 0.1 China Citic Bank Corp Ltd class A 18,305,733 10.9 10.9 China CNR Corp Ltd class A 619,250 0.5 0.5 China Coal Energy Co Ltd class A 9,960,480 10.8 10.8 China Communications Construction Co Ltd class A 10,604,955 10.2 10.2 China Communications Services Corp Ltd class A 5,593,773 3.2 3.2 China Construction Bank Corp class A 180,211,848 143.9 143.9 China COSCO Holdings Co Ltd class A 6,504,895 3.3 3.3

83 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

China CSSC Holdings Ltd class A 58,058 0.2 0.2 China CYTS Tours Holding Co Ltd class A 56,000 0.1 0.1 China Development Financial Holding Corp 22,477,021 5.9 5.9 China Eastern Airlines Corp Ltd class A 262,200 0.2 0.2 China Enterprise Co Ltd class A 170,384 0.1 0.1 China Everbright Bank Co Ltd class A 2,083,480 1.0 1.0 China Everbright Ltd class A 2,041,797 3.9 3.9 China Fiberglass Co Ltd class A 49,200 0.1 0.1 China First Heavy Industries Co Ltd class A 390,200 0.2 0.2 China Foods Ltd 1,714,000 1.6 1.6 China Fortune Land Development Co Ltd class A 44,600 0.2 0.2 China Gas Holdings Ltd 7,336,000 5.8 5.8 China Gezhouba Group Co Ltd class A 294,560 0.3 0.3 China Hainan Rubber Industry Group Co Ltd class A 132,800 0.1 0.1 China International Marine Containers Group Co Ltd class A 134,872 0.2 0.2 class H 1,748,782 2.7 2.7 2.9 China International Travel Service Corp Ltd class A 37,100 0.2 0.2 China Life Insurance Co Ltd class A 17,919,388 58.3 58.3 China Life Insurance Co Ltd, Taiwan 5,119,207 4.6 4.6 China Longyuan Power Group Corp class H 6,217,277 4.3 4.3 China Mengniu Dairy Co Ltd class A 2,931,679 8.3 8.3 China Merchants Bank Co Ltd class A 17,536,134 38.5 38.5 China Merchants Energy Shipping Co Ltd class A 242,000 0.1 0.1 China Merchants Holdings International Co Ltd class A 2,658,274 8.5 8.5 China Merchants Property Development Co Ltd class B 105,782 0.5 0.5 China Merchants Securities Co Ltd class A 157,060 0.3 0.3 China Minsheng Banking Corp Ltd class A 2,909,513 3.6 3.6 class H 15,510,405 17.9 17.9 21.5 China Mobile Ltd class A 14,319,040 166.0 166.0 China Motor Corp 1,501,000 1.4 1.4 China National Accord Medicines Corp Ltd class B 21,900 0.1 0.1 China National Building Material Co Ltd class A 6,836,484 10.0 10.0 China National Chemical Engineering Co Ltd class A 208,300 0.3 0.3 China National Medicines Corp Ltd class A 50,700 0.1 0.1 China Nonferrous Metal Industry Foreign Engineering & Construction Co., Ltd 78,448 0.3 0.3 China Oilfield Services Ltd class A 3,732,811 7.7 7.7 China Overseas Land & Investment Ltd class A 10,140,398 30.1 30.1 China Pacific Insurance Group Co Ltd class A 431,933 1.6 1.6 class H 5,447,667 20.0 20.0 21.6 China Petrochemical Development Corp 4,372,420 2.7 2.7

84 China Petroleum & Chemical Corp class A 40,248,841 45.4 45.4 China Railway Construction Corp Ltd class A 5,065,615 5.7 5.7 China Railway Erju Co Ltd class A 128,000 0.1 0.1 China Railway Group Ltd class A 10,338,437 5.9 5.9 China Railway Tielong Container Logistics Co Ltd class A 155,830 0.2 0.2 China Resources Cement Holdings Ltd 4,636,000 3.0 3.0 China Resources Double Crane Pharmaceutical Co Ltd class A 53,163 0.2 0.2 China Resources Enterprise Ltd class A 2,849,603 10.2 10.2 China Resources Gas Group Ltd 2,002,000 4.1 4.1 China Resources Land Ltd class A 4,825,112 13.1 13.1 China Resources Power Holdings Co Ltd class A 4,599,391 11.7 11.7 China Resources Sanjiu Medical & Pharmaceutical Co Ltd class A 892,778 3.4 3.4 China Shanshui Cement Group Ltd 4,306,000 3.1 3.1 China Shenhua Energy Co Ltd class A 8,383,534 36.5 36.5 China Shineway Pharmaceutical Group Ltd 401,000 0.7 0.7 China Shipbuilding Industry Co Ltd class A 500,312 0.4 0.4 China Shipping Container Lines Co Ltd class A 8,690,035 2.5 2.5 China Shipping Development Co Ltd class A 3,166,023 1.8 1.8 China South Locomotive and Rolling Stock Corp class A 603,790 0.5 0.5 class H 4,557,000 3.9 3.9 4.4 China South Publishing & Media Group Co Ltd class A 76,600 0.1 0.1 China Southern Airlines Co Ltd class A 290 - - class H 4,619,900 2.3 2.3 2.3 China Spacesat Co Ltd class A 69,678 0.1 0.1 China Sports Industry Group Co Ltd class A 40 - - China State Construction Engineering Corp Ltd class A 2,061,003 1.3 1.3 China State Construction International Holdings Ltd 4,144,000 5.0 5.0 China Steel Corp 3,906,941 3.7 3.7 China Taiping Insurance Holdings Co Ltd class A 2,037,472 4.1 4.1 China Telecom Corp Ltd class A 32,957,285 18.3 18.3 China Unicom Hong Kong Ltd class A 11,426,660 18.2 18.2 China United Network Communications Ltd class A 1,456,238 0.8 0.8 China Vanke Co Ltd class A 9,041,927 14.6 14.6 class B 3,123,609 5.0 5.0 19.6 China XD Electric Co Ltd class A 220,800 0.1 0.1 China Yangtze Power Co Ltd class A 708,510 0.8 0.8 China ZhengTong Auto Services Holdings Ltd 229,500 0.2 0.2 China-Kinwa High Technology Co Ltd class A 155,000 0.1 0.1 Chinatrust Financial Holding Co Ltd 29,992,153 17.6 17.6 Chipotle Mexican Grill Inc class A 35,620 10.6 10.6 Chiyoda Corp 205,000 2.9 2.9 Chongqing Brewery Co class A 44,858 0.1 0.1 Chongqing Changan Automobile Co Ltd class A 288,543 0.3 0.3 Chongqing Department Store class A 22,300 0.1 0.1 Chongqing Huapont Pharm Co Ltd class A 38,100 0.1 0.1 Chongqing Rural Commercial Bank class H 5,627,000 3.1 3.1

85 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Chongqing Zongshen Power Machinery Co Ltd class A 97,280 0.1 0.1 Chow Tai Fook Jewellery Group Ltd 1,170,200 1.9 1.9 Christian Dior SA 71,565 12.1 12.1 Chubb Corp, The 330,600 24.8 24.8 Chubu Electric Power Co Inc 859,895 11.4 11.4 Chugai Pharmaceutical Co Ltd 271,361 5.2 5.2 Chugoku Bank Ltd, The 218,000 3.0 3.0 Chugoku Electric Power Co Inc, The 389,600 6.1 6.1 Chunghwa Telecom Co Ltd 8,676,635 28.1 28.1 Church & Dwight Co Inc 60,976 3.3 3.3 Chuying Agro-pastora Group Co Ltd class A 31,500 0.1 0.1 Cia Brasileira de Distribuicao Grupo Pao de Acucar preferred A 250,338 11.0 11.0 Cia Cervecerias Unidas SA 299,172 4.7 4.7 Cia Energetica de Minas Gerais preferred 543,880 6.0 6.0 Cia Energetica de Sao Paulo preferred B 358,819 3.4 3.4 Cia Hering 458,970 9.4 9.4 Cia Paranaense de Energia preferred B 233,573 3.6 3.6 Cia Siderurgica Nacional SA 1,659,224 9.6 9.6 Cia de Bebidas das Americas 319,700 13.0 13.0 preferred 2,106,496 87.7 87.7 100.7 Cia de Minas Buenaventura SA 512,129 18.3 18.3 Cia de Saneamento Basico do Estado de Sao Paulo 259,403 11.0 11.0 Cia de Saneamento de Minas Gerais-COPASA 131,600 2.8 2.8 Cie Générale de Géophysique-Veritas 205,712 6.1 6.1 Cie Générale d'Optique Essilor International SA 237,369 23.7 23.7 Cielo SA 455,098 12.6 12.6 Cigna Corp 308,200 16.4 16.4 Cimarex Energy Co 24,300 1.4 1.4 Cincinnati Financial Corp 151,400 5.9 5.9 Cineplex Inc 1,750,000 55.7 55.7 Cintas Corp 122,800 5.0 5.0 Cipla Ltd 952,364 7.2 7.2 Cisco Systems Inc 7,015,457 137.3 137.3 Citic Pacific Ltd class A 2,993,283 4.4 4.4 Citic Securities Co Ltd class A 6,298,773 13.5 13.5 class H 2,424,500 6.1 6.1 19.6 Citigroup Finance Canada Inc 37.7 37.7 Citigroup Inc 3,481,707 137.1 82.5 219.6 Citizen Holdings Co Ltd 311,497 1.6 1.6 Citrix Systems Inc 304,400 19.9 19.9

86 City Developments Ltd 623,792 6.5 6.5 ClareGold Trust 21.7 21.7 Clearwire Corp 11.0 11.0 Clevo Co 1,192,564 1.5 1.5 Cliffs Natural Resources Inc 158,740 6.1 6.1 Clifton Star Resources Inc 521,800 0.4 0.4 Clorox Company, The 155,100 11.3 11.3 Coach Inc 966,100 53.4 53.4 Coal India Ltd 1,535,551 9.9 9.9 Cobalt International Energy Inc 87,940 2.2 2.2 Cobham PLC 1,415,811 5.1 5.1 Coca-Cola Amatil Ltd 763,722 10.6 10.6 Coca-Cola Co, The 5,109,090 184.4 184.4 Coca-Cola Enterprises Inc 372,399 11.8 11.8 Coca-Cola Femsa SAB de CV serie L 1,159,820 17.0 17.0 Coca-Cola Hellenic Bottling Co SA 265,893 6.2 6.2 Coca-Cola Icecek AS 170,666 3.5 3.5 Coca-Cola West Co Ltd 80,300 1.2 1.2 Cochlear Ltd 67,316 5.5 5.5 Cofco Biochemical Co Ltd class A 10 - - Cogeco Cable Inc 1,259,800 47.9 8.2 56.1 Cogitore Resources Inc 8,275,401 0.7 0.7 Cognizant Technology Solutions Corp class A 503,100 37.1 37.1 Colbun SA 21,178,078 5.8 5.8 Colgate-Palmolive Co 889,350 92.6 92.6 Colony Financial Inc fund units 180,000 3.5 3.5 Coloplast AS class B 135,751 6.6 6.6 Colruyt SA 99,545 4.9 4.9 Colt Resources Inc 843,500 0.4 0.4 Column Canada Issuer Corp 43.6 43.6 Comcast Corp class A 2,997,900 111.6 111.6 class special A 329,890 11.8 11.8 123.4 Comerica Inc 195,922 5.9 5.9 ComfortDelGro Corp Ltd 2,475,000 3.6 3.6 Cominar Real Estate Investment Trust fund units 8,064,403 182.0 182.0 Commercial International Bank Egypt SAE 1,522,604 8.2 8.2 Commerzbank AG 4,892,319 9.2 1.7 10.9 Commonwealth Bank of Australia 2,049,680 131.8 131.8 Compagnie de Financement Foncier SA 272.4 272.4 Compagnie de Saint-Gobain 522,823 22.1 22.1 Compagnie Financière Richemont SA class A 690,608 53.6 53.6 Compagnie Générale des Établissements Michelin class B 238,905 22.5 22.5 Compal Electronics Inc 2,070,525 1.4 1.4 Compartamos SAB de CV 2,817,400 4.0 4.0 Compass Group PLC 2,666,218 31.3 31.3 Computer Sciences Corp 161,500 6.4 6.4

87 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Computershare Ltd 533,353 5.0 5.0 ConAgra Foods Inc 493,200 14.5 14.5 Concho Resources Inc 29,949 2.4 2.4 ConocoPhillips 1,497,290 86.5 86.5 Consolidated Edison Inc 368,684 20.4 20.4 Constant Contact Inc 290,000 4.1 4.1 Constellation Brands Inc class A 673,000 23.7 23.7 Contact Energy Ltd 483,789 2.1 2.1 Continental AG 144,398 16.6 16.6 Continental Resources Inc 31,068 2.3 2.3 Controladora Comercial Mexicana SAB de CV fund units 1,035,500 3.6 3.6 Convergys Corp 10.3 10.3 Core Laboratories NV 11,300 1.2 1.2 Corio NV fund units 84,143 3.8 3.8 Corning Inc 2,085,000 26.2 26.2 Corp Financiera Colombiana SA 200,022 4.1 4.1 Corpbanca SA, Chile 275,553,292 3.7 3.7 Corus Entertainment Inc 30.8 30.8 Cosan SA Industria e Comercio 359,521 7.3 7.3 Cosmo Oil Co Ltd 715,000 1.6 1.6 Costco Wholesale Corp 528,800 52.0 52.0 Country Garden Holdings Co Ltd class A 10,783,862 5.6 5.6 Coventry Health Care Inc 140,500 6.3 6.3 Covidien PLC 1,389,850 79.9 79.9 Coway Co Ltd 144,893 5.9 5.9 Credicorp Ltd 181,972 26.6 26.6 Crédit Agricole S.A. 1,248,335 10.0 10.0 Credit Saison Co Ltd 196,780 4.9 4.9 Credit Suisse Group AG 1,779,535 43.1 43.1 Cree Inc 28,900 1.0 1.0 Crescent Point Energy Corp 328,682 12.4 12.4 Crestline CDP Opportunity Fund LP share 1 99.1 99.1 Criterion Capital Partners Ltd fund units 650,000 63.0 63.0 Croda International PLC 175,342 6.7 6.7 Crown Castle International Corp 355,200 25.5 25.5 Crown Holdings Inc 46,600 1.7 1.7 Crown Ltd 548,196 6.0 6.0 Cubist Pharmaceuticals Inc 9.3 9.3 Cummins Inc 215,900 23.3 23.3 Cummins India Ltd 370,000 3.5 3.5

88 Cyfrowy Polsat SA 514,187 2.7 2.7 Cyrela Brazil Realty SA Empreendimentos e Participacoes 213,871 1.9 1.9 D-Box Technologies Inc 18,283,382 4.6 4.6 D-Fense Capital Ltée 596,500 0.1 0.1 DBS Group Holdings Ltd 2,282,822 27.6 27.6 DDR Corp 15.7 15.7 DENTSPLY International Inc 145,900 5.8 5.8 DE Master Blenders 1753 NV 784,269 9.0 9.0 DE Shaw Composite International Fund share 2 9.6 9.6 DE Shaw Oculus International Fund share 1 131.0 131.0 DFC Global Corp 68,076 1.3 1.3 DGAM CDP Unique Strategies class A fund units 73,177 73.3 73.3 DGAM CDP Unique Strategies class B fund units 20,000 1.4 1.4 DGAM CDP Unique Strategies class C fund units 54,891 9.9 9.9 DGAM CDP Unique Strategies class D fund units 64,148 64.7 64.7 DGB Financial Group Inc 359,762 4.9 4.9 DHC Software Co Ltd class A 46,670 0.1 0.1 DIRECTV Group, Inc., The class A 741,700 37.0 37.0 DISH Network Corp class A 86,800 3.2 3.2 DLF Ltd 917,483 3.8 3.8 DMCI Holdings Inc 2,137,910 2.8 2.8 DNB ASA 1,220,163 15.4 15.4 DR Horton Inc 318,900 6.3 32.8 39.1 DSV AS 246,782 6.3 6.3 DTE Energy Co 200,831 12.0 12.0 Dabur India Ltd 941,334 2.2 2.2 Daelim Industrial Co Ltd 74,715 6.1 6.1 Daewoo Engineering & Construction Co Ltd 123,855 1.2 1.2 Daewoo International Corp 50,242 1.9 1.9 Daewoo Securities Co Ltd 438,395 4.9 4.9 Daewoo Shipbuilding & Marine Engineering Co Ltd 256,821 6.5 6.5 Dah Chong Hong Holdings Ltd 1,892,000 2.0 2.0 Dah Sing Financial Holdings Ltd 126,800 0.6 0.6 Dai Nippon Printing Co Ltd 736,436 5.7 5.7 Daicel Corp 378,505 2.5 2.5 Daido Steel Co Ltd 365,108 1.8 1.8 Daihatsu Motor Co Ltd 253,000 5.0 5.0 Daiichi Sankyo Co Ltd 812,597 12.4 12.4 Dai-ichi Life Insurance Co Limited, The 10,620 14.7 14.7 Daikin Industries Ltd 307,754 10.4 10.4 Daimler AG 1,263,933 68.6 68.6 Dainippon Sumitomo Pharma Co Ltd 187,200 2.2 2.2 Daito Trust Construction Co Ltd 90,498 8.5 8.5 Daiwa House Industry Co Ltd 638,329 10.9 10.9 Daiwa Securities Group Inc 2,082,851 11.4 11.4 Dalian Daxian Enterprises Holdings Co Ltd class A 64 - -

89 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Danaher Corp 1,417,500 78.9 78.9 Danhua Chemical Technology Co Ltd class A 59,100 0.1 0.1 Danske Bank AS 828,770 14.0 14.0 Daphne International Holdings Ltd 2,090,000 2.9 2.9 Daqin Railway Co Ltd class A 893,731 1.0 1.0 Darden Restaurants Inc 145,600 6.5 6.5 Dashang Group Co Ltd class A 42,100 0.2 0.2 Dassault Systèmes SA 75,152 8.3 8.3 Datang International Power Generation Co Ltd class A 7,233,688 2.8 2.8 class H 1,900 - - 2.8 Datong Coal Industry Co Ltd class A 114,200 0.2 0.2 DaVita HealthCare Partners Inc 91,000 10.0 10.0 Dazhong Transportation Group Co Ltd class A 126,400 0.1 0.1 Dean Foods Co 435,005 7.2 7.2 Deckers Outdoor Corp 60,000 2.4 2.4 Deere & Co 483,800 41.6 41.6 Delek Group Ltd 5,578 1.3 1.3 Delhaize Group SA 135,420 5.4 5.4 Dell Inc 1,814,441 18.3 18.3 Delphi Automotive PLC 337,400 12.9 12.9 Delta Air Lines Inc 70,400 0.8 0.8 Delta Electronics Inc 3,848,774 14.1 14.1 Delta Lloyd NV 175,985 2.9 2.9 Demand Media Inc 430,000 4.0 4.0 Dena Co Ltd 127,100 4.2 4.2 Denbury Resources Inc 457,395 7.4 7.4 Denki Kagaku Kogyo KK 593,000 2.0 2.0 Denso Corp 644,797 22.1 22.1 Dentsu Inc 237,400 6.3 6.3 Deutsche Bank AG 1,163,049 50.3 28.1 78.4 Deutsche Boerse AG 291,385 17.7 17.7 Deutsche Lufthansa AG 300,560 5.6 5.6 Deutsche Post AG 1,255,567 27.4 27.4 Deutsche Telekom AG 3,990,545 45.0 45.0 Devon Energy Corp 509,100 26.4 26.4 DexCom Inc 296,996 4.0 4.0 Dexia Municipal Agency SA 250.4 250.4 Dexus Property Group fund units 9,130,370 9.6 9.6 Diageo PLC 4,777,326 138.2 138.2 Diagnosticos da America SA 532,300 3.4 3.4

90 Diamond Offshore Drilling Inc 139,190 9.4 9.4 Diamondback Energy Inc 21,000 0.4 0.4 Dick's Sporting Goods Inc class A 31,500 1.4 1.4 Diebold Inc 63,700 1.9 1.9 DiGi.Com Bhd 8,346,420 14.4 14.4 Digital Realty Trust Inc fund units 108,600 7.3 7.3 Digital Realty Trust LP 11.2 11.2 Dios Exploration Inc 3,887,769 0.5 0.5 Direct Line Insurance Group PLC 633,470 2.2 2.2 Discover Financial Services 605,900 23.3 23.3 Discovery Communications Inc class A 240,139 15.2 15.2 class C 33,800 2.0 2.0 17.2 Discovery Holdings Ltd 794,214 5.8 5.8 Distribuidora Internacional de Alimentacion SA 802,568 5.1 5.1 Divi's Laboratories Ltd 89,558 1.8 1.8 Dolby Laboratories Inc class A 12,900 0.4 0.4 Dollar General Corp 318,186 14.0 14.0 Dollar Tree Inc 258,600 10.4 10.4 Dollarama Inc 4,375,900 258.1 258.1 Dominion Resources Inc 1,041,006 53.7 53.7 Domtar Corporation 4,638 0.4 0.4 Don Quijote Co Ltd 70,900 2.6 2.6 DongFeng Automobile Co Ltd class A 146,769 0.1 0.1 Dongbu Insurance Co Ltd 114,000 4.9 4.9 Dongfang Electric Corp Ltd class A 911,613 1.9 1.9 Dongfeng Motor Group Co Ltd class A 6,449,279 9.9 9.9 Donner Metals Ltd 10,202,500 1.7 1.7 Doosan Corp 19,463 2.3 2.3 Doosan Heavy Industries & Construction Co Ltd 95,831 4.0 4.0 Doosan Infracore Co Ltd 201,582 3.2 3.2 Douja Promotion Groupe Addoha SA 338,150 2.5 2.5 Dover Corp 204,000 13.4 13.4 Dow Chemical Company, The 1,432,400 46.1 46.1 Dr Pepper Snapple Group Inc 236,600 10.4 10.4 Dr Reddy's Laboratories Ltd 330,869 11.0 11.0 Drake Global Opportunities Fund LP, The fund units 667 0.7 0.7 DryShips Inc 4,080,066 6.4 6.4 Duke Energy Corp 950,931 60.4 60.4 Duke Realty Corp fund units 64,700 0.9 0.9 Dun & Bradstreet Corp, The 50,700 4.0 4.0 Dundee Precious Metals Inc 52,500 0.4 0.4 Duratex SA 577,299 4.2 4.2 Dynacor Gold Mines Inc 10,378 - - Dynamic Offshore Fund Ltd fund units 19,728 77.9 77.9 E.CL SA 1,413,402 3.3 3.3 EDP - Energias de Portugal SA 2,505,284 7.5 7.5

91 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

EDP - Energias do Brasil SA 582,159 3.5 3.5 EI du Pont de Nemours & Co 1,185,990 53.1 53.1 E Ink Holdings Inc 646,524 0.5 0.5 EMC Corp 2,808,200 70.7 17.1 87.8 EMS-Chemie Holding AG 10,608 2.5 2.5 E-Mart Co Ltd 56,108 12.4 12.4 ENN Energy Holdings Ltd 1,783,000 7.7 7.7 ENTEL Chile SA 317,384 6.5 6.5 EOG Resources Inc 323,300 38.9 38.9 E.ON SE 2,371,300 43.9 43.9 EPAM Systems Inc 110,000 2.0 2.0 EPCOR Utilities Inc. 66.8 66.8 EQT Corp 159,918 9.4 9.4 ERAC Canada Finance Ltd 11.2 11.2 ERG SpA 109,257 1.1 1.1 E.Sun Financial Holding Co Ltd 7,348,993 4.1 4.1 E*TRADE Financial Corp 205,626 1.8 1.8 East China Engineering Science and Technology Co Ltd class A 27,520 0.1 0.1 East Japan Railway Co 454,213 29.2 29.2 Eastmain Resources Inc 2,334,800 1.8 1.8 Eastman Chemical Co 171,400 11.6 11.6 Eaton Corp PLC 562,493 30.4 30.4 Eaton Vance Corp 28,400 0.9 0.9 eBay Inc 1,459,100 74.1 74.1 Echo Entertainment Group Ltd 978,974 3.5 3.5 EcoRodovias Infraestrutura e Logistica SA 381,512 3.2 3.2 Eclectica Fund, The fund units 303,956 82.3 82.3 Ecolab Inc 326,400 23.4 23.4 Ecopetrol SA 13,241,550 40.7 40.7 Edenred 222,396 6.8 6.8 Edison International 401,158 18.1 18.1 Edwards Lifesciences Corp 261,149 23.4 23.4 Egyptian Financial Group-Hermes Holding 968,995 1.7 1.7 Egyptian Kuwaiti Holding Co SAE 1,813,716 2.3 2.3 Eisai Co Ltd 298,046 12.4 12.4 El Puerto de Liverpool SAB de CV serie C 503,400 5.2 5.2 Elan Corp PLC 1,034,389 10.6 10.6 Eldorado Gold Corp 12,569,151 160.9 160.9 Elec-Tech International Co Ltd class A 75,400 0.1 0.1 Electric Power Development Co Ltd 153,059 3.6 3.6

92 Electricité de France SA 315,503 5.8 5.8 Electrolux AB class B 315,784 8.2 8.2 Electronic Arts Inc 320,000 4.6 4.6 Elekta AB class B 427,899 6.6 6.6 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA preferred 55,449 0.5 0.5 Eli Lilly & Co 1,445,016 71.0 71.0 Elisa OYJ class A 186,258 4.1 4.1 Embotelladora Andina SA preferred B 510,093 3.2 3.2 Embraer SA 1,264,041 8.9 8.9 Emerson Electric Co 918,600 48.4 48.4 Emlak Konut Gayrimenkul Yatirim Ortakligi AS fund units 1,677,333 2.9 2.9 Emperor Watch & Jewellery Ltd 4,060,000 0.5 0.5 Empire Co Ltd class A 12,400 0.7 0.7 Empresa Nacional de Electricidad SA 8,804,529 14.3 14.3 Empresas CMPC SA 2,988,033 11.0 11.0 Empresas COPEC SA 1,220,962 17.2 17.2 EnCana Corporation 237,200 4.7 4.7 Enagas SA 250,702 5.3 5.3 Enbridge Energy Partners, L.P. parts A 7,279,820 202.2 202.2 Enbridge Gas Distribution Inc 46.0 46.0 Enbridge Inc. 264,315 11.4 48.5 59.9 Enbridge Income Fund Holdings Inc 20.0 20.0 Enbridge Pipelines Inc 6.0 6.0 Endo Health Solutions Inc 160,000 4.2 4.2 Enea SA 298,150 1.5 1.5 Enel Green Power SpA 2,297,168 4.2 4.2 Enel SpA 8,671,396 35.7 35.7 EnerCare Solutions Inc 10.1 10.1 Energen Corp 17,644 0.8 0.8 Energizer Holdings Inc 21,200 1.7 1.7 Energy Development Corp 20,127,265 3.3 3.3 Energy XXI Bermuda Ltd 200,000 6.4 6.4 Enerplus Corp 64,700 0.8 0.8 Enersis SA 35,050,808 12.8 12.8 Eni SpA 3,476,220 83.7 83.7 Enka Insaat ve Sanayi AS 976,879 2.9 2.9 Ensco PLC class A 261,300 15.4 15.4 Entergy Corp 227,416 14.4 14.4 Entree Gold Inc 12,531,400 5.6 5.6 Enzon Pharmaceuticals Inc 12.0 12.0 Epistar Corp 1,309,706 2.4 2.4 Equifax Inc 135,600 7.3 7.3 Equinix Inc 9,900 2.0 19.1 21.1 Equity Residential fund units 524,580 29.6 29.6 Eregli Demir ve Celik Fabrikalari TAS 2,487,820 3.4 3.4 Erste Group Bank AG 271,103 8.6 8.6

93 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Estee Lauder Cos Inc, The class A 289,000 17.2 17.2 Eternal Chemical Co Ltd 1,882,733 1.6 1.6 Eurasian Natural Resources Corp PLC 333,663 1.5 1.5 Eurazeo 38,883 1.9 1.9 Eurocash SA 184,853 2.6 2.6 Eurofima 120.1 120.1 Euronet Worldwide Inc 248,474 5.8 5.8 European Aeronautic Defence and Space Co NV 562,742 21.8 21.8 Eutelsat Communications SA 175,137 5.8 5.8 Eva Airways Corp 4,388,481 2.6 2.6 Even Construtora e Incorporadora SA 1,170,700 5.4 5.4 Everbright Securities Co Ltd class A 116,600 0.3 0.3 Everest Re Group Ltd 115,782 12.7 12.7 Evergrande Real Estate Group Ltd 12,414,731 6.8 6.8 Evergreen Marine Corp Taiwan Ltd 2,491,573 1.5 1.5 Evraz PLC 434,109 1.8 1.8 Exelon Corp 1,063,420 31.5 31.5 Exide Industries Ltd 575,000 1.5 1.5 Exor SpA 80,286 2.0 2.0 Expedia Inc 113,900 7.0 7.0 Expeditors International of Washington Inc 237,300 9.3 9.3 Experian PLC 1,325,266 21.0 21.0 Explor Resources Inc 1,205,000 0.1 0.1 Exploration Knick Inc 2,508,819 0.1 0.1 Export Development Canada 6.8 6.8 Express Scripts Holding Co 1,088,016 58.5 58.5 Extenway Solutions Inc 11,492,308 1.3 1.5 2.8 Exxaro Resources Ltd 335,943 6.7 6.7 Exxon Mobil Corp 5,305,472 457.2 457.2 F5 Networks Inc 82,219 8.0 8.0 FANUC Corp 251,465 46.1 46.1 FEI Co 70,000 3.9 3.9 FLIR Systems Inc 155,300 3.5 3.5 FMC Corp 153,300 8.9 8.9 FMC Technologies Inc 252,500 10.8 10.8 FUJIFILM Holdings Corporation 560,161 11.1 11.1 Facebook Inc class A 278,100 7.4 7.4 Fairwood Ltd 317,000 0.7 0.7 Family Dollar Stores Inc 109,800 6.9 6.9 FamilyMart Co Ltd 83,468 3.4 3.4

94 Fangda Carbon New Material Co Ltd class A 109,100 0.2 0.2 Far East Horizon Ltd 3,251,000 2.6 2.6 Far Eastern Department Stores Co Ltd 1,542,336 1.6 1.6 Far Eastern New Century Corp 8,122,943 9.2 9.2 Far EasTone Telecommunications Co Ltd 4,284,307 10.9 10.9 Farallon Capital Offshore Investors Inc fund units 5,410,394 88.7 88.7 Farglory Land Development Co Ltd 641,000 1.1 1.1 Fast Retailing Co Ltd 69,618 17.5 17.5 Fastenal Co 309,600 14.4 14.4 Faw Car Co., Ltd class A 138,808 0.2 0.2 FedEx Corp 356,400 32.6 32.6 Federal Grid Co Unified Energy System JSC 845,644,989 5.5 5.5 Federal Hydrogenerating Co JSC 340,982,600 8.2 8.2 Federal Realty Investment Trust fund units 15,900 1.7 1.7 Felda Global Ventures Holdings Bhd 3,298,200 5.0 5.0 Feng Hsin Iron & Steel Co 1,053,937 1.9 1.9 Ferrovial SA 343,594 5.1 5.1 Fiat Industrial SpA 1,123,381 12.2 12.2 Fiat SpA 1,148,955 5.7 5.7 Fiberhome Telecommunication Technologies Co Ltd class A 33,500 0.1 0.1 Fibria Celulose SA 203,470 2.2 2.2 Fidelity National Financial Inc class A 50,800 1.2 1.2 Fidelity National Information Services Inc 266,300 9.2 9.2 Fifth & Pacific Cos Inc 17.9 17.9 Fifth Third Bancorp 958,849 14.5 14.5 Financial Select Sector SPDR Fund indexed fund units 32,604 0.5 0.5 Financial Street Holdings Co Ltd class A 4,586,531 5.0 5.0 Finmeccanica SpA 531,244 3.0 3.0 Finning International Inc 7,145,200 175.6 175.6 First Asset Morningstar National Bank Quebec Index ETF 1,500,000 15.8 15.8 First Financial Holding Co Ltd 12,144,475 7.4 7.4 First Horizon National Corp 199,278 2.0 2.0 First Pacific Co Ltd 2,628,000 2.9 2.9 First Quantum Minerals Ltd 6,406,081 140.4 140.4 First Republic Bank 16,900 0.6 0.6 First Solar Inc 49,300 1.5 1.5 FirstEnergy Corp. 512,877 21.3 21.3 Firstgroup PLC 750,700 2.5 2.5 FirstRand Ltd 8,321,902 30.3 30.3 Fiserv Inc 141,200 11.1 11.1 Fletcher Building Ltd 884,938 6.1 6.1 Flextronics International Ltd 756,900 4.7 4.7 Flight Centre Ltd 72,250 2.0 2.0 Flowserve Corp 57,000 8.3 8.3 Fluor Corp 188,700 11.0 11.0 Focus Graphite Inc 2,417,000 1.7 1.7

95 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Fomento Economico Mexicano SAB de CV fund units 5,220,040 51.8 51.8 Foncière des Régions fund units 33,967 2.8 2.8 Fonds Stratégique à Rendement Absolu HRS SEC fund units 700,501 67.0 67.0 Foraco International SA 80,300 0.2 0.2 Forbes Energy Services Ltd 41,369 0.1 0.1 Ford Credit Canada Ltd 91.4 91.4 Ford Motor Company 4,618,349 59.6 59.6 Ford Otomotiv Sanayi AS 189,603 2.3 2.3 Forest City Enterprises Inc class A 110,000 1.8 1.8 Forest Laboratories Inc 260,500 9.2 9.2 FormFactor Inc 1,350,000 6.1 6.1 Formosa Chemicals & Fibre Corp 3,400,044 8.7 8.7 Formosa International Hotels Corp 91,227 1.2 1.2 Formosa Petrochemical Corp 1,506,772 4.4 4.4 Formosa Plastics Corp 6,928,249 18.7 18.7 Formosa Taffeta Co Ltd 1,857,910 1.8 1.8 Fort Global Quebec LP share 2 125.7 125.7 Fortescue Metals Group Ltd 1,816,108 8.7 8.7 Fortinet Inc 348,500 7.3 7.3 Fortis Inc 77,600 2.7 2.7 FortisAlberta Inc 21.5 21.5 FortisBC Energy Inc 26.4 26.4 FortisBC Energy Vancouver Island Inc 9.7 9.7 FortisBC Holdings Inc 4.2 4.2 Fortum OYJ 583,065 10.8 10.8 Foschini Group Limited, The 548,618 9.1 9.1 Foshan Electrical and Lighting Co Ltd class A 88,794 0.1 0.1 Fossil Inc 60,500 5.6 5.6 Fosun International Ltd class A 3,808,987 2.4 2.4 Founder Securities Co Ltd class A 386,950 0.3 0.3 Founder Technology Group Corp class A 348,725 0.1 0.1 Foxconn Technology Co Ltd 656,679 2.1 2.1 France Telecom SA 2,457,603 26.9 26.9 Franco-Nevada Corp 1,730,219 98.2 98.2 Franklin Resources Inc 148,000 18.5 18.5 Franshion Properties China Ltd 6,984,000 2.5 2.5 Fraport AG Frankfurt Airport Services Worldwide 48,404 2.8 2.8 Fraser and Neave Ltd 1,215,000 9.6 9.6 Freeport-McMoRan Copper & Gold Inc 1,193,003 40.6 40.6 Fresenius Medical Care AG & Co KGaA 249,125 17.1 17.1

96 Fresenius SE & Co KGaA 158,850 18.2 18.2 Fresh Market Inc, The 50,000 2.4 2.4 Fresnilo PLC 298,557 8.9 8.9 Frontier Communications Corp 1,128,885 4.8 4.8 Frontline Ltd 118,498 0.4 0.4 Fubon Financial Holding Co Ltd 15,256,607 18.4 18.4 Fugro NV 85,848 5.0 5.0 Fuji Electric Co Ltd 734,808 1.8 1.8 Fuji Heavy Industries Ltd 771,000 9.6 9.6 Fujian Expressway Development Co Ltd class A 233,966 0.1 0.1 Fujian Septwolves Industry Co Ltd class A 38,650 0.1 0.1 Fujian Sunner Development Co Ltd class A 54,594 0.1 0.1 Fujitsu Ltd 2,250,639 9.3 9.3 Fukuoka Financial Group Inc 968,612 3.8 3.8 Furukawa Electric Co Ltd 834,782 1.8 1.8 Fuyao Glass Industry Group Co Ltd class A 10,122,288 14.2 14.2 G4S PLC 1,851,739 7.7 7.7 GAIL India Ltd 1,103,937 7.2 7.2 GCL-Poly Energy Holdings Ltd 17,173,000 3.4 3.4 GCO Education Loan Funding Trust 57.7 57.7 GD Midea Holding Co Ltd class A 319,242 0.5 0.5 GD Power Development Co Ltd class A 1,181,339 0.5 0.5 GDF Suez 1,689,874 34.6 34.6 GE Capital Canada Funding Co 129.6 129.6 GEA Group AG 230,227 7.4 7.4 GF Securities Co Ltd class A 314,500 0.8 0.8 GKN PLC 2,138,148 7.9 7.9 GLV Inc class A 7,827,974 15.5 15.5 GOME Electrical Appliances Holding Ltd class A 23,866,120 2.8 2.8 GPT Group fund units 1,847,331 7.0 7.0 GRG Banking Equipment Co Ltd class A 1,440,887 3.3 3.3 GS Engineering & Construction Corp 95,809 5.1 5.1 GS Holdings Corp 137,148 9.2 9.2 GS Yuasa Corp 462,000 1.8 1.8 GST Telecommunications Inc 239,600 - - GT Advanced Technologies Inc 889,739 2.7 2.7 Galaxy Entertainment Group Ltd 2,610,093 10.2 10.2 Galp Energia SGPS SA class B 536,392 8.3 8.3 GameStop Corp class A 138,352 3.5 3.5 Gamuda Bhd 4,837,146 5.7 5.7 Gannett Co Inc 184,500 3.3 3.3 Gansu Jiu Steel Group Hongxing Iron & Steel Co Ltd class A 139,578 0.1 0.1 Gansu Qilianshan Cement Group Co Ltd class A 80,200 0.1 0.1 Gansu Ronghua Industry Group Co Ltd class A 95,300 0.1 0.1 Gansu Yasheng Industrial (Group) Co. Ltd class A 199,500 0.2 0.2 Gap Inc, The 366,500 11.3 11.3

97 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Garmin Ltd 126,300 5.1 5.1 Gas Natural SDG SA 459,751 8.2 8.2 Gavea Fund Ltd fund units 353,863 80.7 80.7 Gazprom OAO 28,900,196 136.8 136.8 Geberit AG 48,849 10.7 10.7 Gecina SA fund units 28,211 3.1 3.1 Geely Automobile Holdings Ltd 8,840,000 4.2 4.2 Gem-Year Industrial Co Ltd class A 49,800 0.1 0.1 Gemalto NV 93,871 8.4 8.4 Gemdale Corp class A 652,816 0.7 0.7 General Cable Corp 18.0 18.0 General Dynamics Corp 389,000 26.8 26.8 General Electric Co 12,734,800 266.2 266.2 General Growth Properties Inc fund units 169,945 3.4 3.4 General Mills Inc 783,100 31.5 31.5 General Motors Co 361,753 10.4 10.4 Genivar Inc 7,613,045 150.7 150.7 Genting Bhd 5,490,188 16.5 16.5 Genting Malaysia BHD 7,968,017 9.2 9.2 Genting Plantations Bhd 690,077 2.0 2.0 Genting Singapore PLC 8,007,400 9.0 9.0 Genuine Parts Co 204,900 13.0 13.0 Genworth Financial, Inc. class A 393,700 2.9 2.9 Geomega Resources Inc 876,618 0.2 0.2 George Weston Limited 21,000 1.5 1.5 GeoVenCap Inc 166,895 - - Gerdau SA preferred 2,662,962 23.2 23.2 Gespeg Copper Resources Inc 1,610,500 0.3 0.3 Getinge AB class B 236,318 8.0 8.0 Giant Manufacturing Co Ltd 758,202 4.3 4.3 Gildan Activewear Inc 12,014,602 436.5 436.5 Gilead Sciences Inc 1,053,700 77.1 28.6 105.7 Givaudan SA 11,053 11.6 11.6 Given Imaging Ltd 221,169 3.9 3.9 Gjensidige Forsikring ASA 249,707 3.6 3.6 Gladstone Investment Corp 201,466 1.4 1.4 GlaxoSmithKline Consumer Healthcare Ltd 34,310 2.4 2.4 GlaxoSmithKline Pharmaceuticals Ltd 26,500 1.0 1.0 GlaxoSmithKline PLC 6,116,920 132.2 132.2 Glencore International PLC 4,934,898 28.1 28.1

98 Global Logistic Properties Ltd 3,646,966 8.3 8.3 Global Mediacom Tbk PT 16,807,000 4.2 4.2 Global Payments Inc 60,600 2.7 2.7 Globe Telecom Inc 88,828 2.4 2.4 Glow Energy PCL 1,374,013 2.8 2.8 Gobimin Inc 5,315,700 2.7 2.7 Godrej Consumer Products Ltd 265,760 3.5 3.5 GoerTek Inc class A 43,500 0.3 0.3 Gold Fields Ltd 1,957,803 23.8 23.8 Goldcorp Inc class A 7,286,618 266.5 266.5 Golden Agri-Resources Ltd 9,267,784 4.9 4.9 Golden Eagle Retail Group Ltd 1,607,000 3.9 3.9 Golden Tag Resources Ltd 407,000 0.1 0.1 Golden Valley Mines Ltd 1,351,168 0.2 0.2 Goldleaf Jewelry Co Ltd class A 51,420 0.1 0.1 Goldman Sachs Group, Inc., The 646,888 82.1 64.2 146.3 Goodman Group fund units 2,237,150 10.0 10.0 Goodyear Tire & Rubber Company, The 277,200 3.8 3.8 Google Inc class A 310,900 219.6 219.6 GoviEx Uranium Inc 2,490,500 6.8 6.8 Graco Inc 66,099 3.4 3.4 Gran Tierra Energy Inc 185,500 1.0 1.0 Grand Canyon Education Inc 356,679 8.3 8.3 Grasim Industries Ltd 16,725 1.0 1.0 Great Eastern Shipping Co Limited, The 234,000 1.1 1.1 Great Wall Motor Co Ltd class A 68,400 0.3 0.3 class H 2,402,350 7.5 7.5 7.8 Great-West Lifeco Inc 98,100 2.4 154.5 156.9 Gree Electric Appliances Inc class A 2,502,177 10.2 10.2 Gree Inc 113,581 1.8 1.8 Green Mountain Coffee Roasters Inc 43,579 1.8 1.8 Greater Toronto Airports Authority 175.9 175.9 Grifols SA 173,734 6.0 6.0 Groupe Bruxelles Lambert SA 100,916 8.0 8.0 Groupe Danone SA 765,799 50.2 50.2 Groupe Eurotunnel SA 735,845 5.6 5.6 Growthpoint Properties Ltd fund units 4,444,066 12.8 12.8 Grupa Lotos SA 174,273 2.3 2.3 Grupo Aeroportuario del Pacifico SAB de CV class B 831,840 4.7 4.7 Grupo Aeroportuario del Sureste SAB de CV class B 557,600 6.3 6.3 Grupo Argos SA 779,437 9.2 9.2 preferred 332,850 4.0 4.0 13.2 Grupo Aval Acciones y Valores preferred 3,812,197 2.8 2.8 Grupo Bimbo SAB de CV class A 4,417,788 11.3 11.3 Grupo Carso SAB de CV serie A1 1,536,331 7.4 7.4

99 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Grupo de Inversiones Suramericana SA 629,386 13.5 13.5 preferred 171,225 3.7 3.7 17.2 Grupo Financiero Banorte SAB de CV 4,994,659 32.0 32.0 Grupo Financiero Inbursa SAB de CV 5,367,722 16.1 16.1 Grupo Financiero Santander Mexico SAB de CV 4,243,000 16.6 16.6 Grupo Mexico SAB de CV class B 10,263,783 36.8 36.8 Grupo Modelo SAB de CV class C 1,702,478 15.1 15.1 Grupo Televisa SAB 6,907,667 36.2 36.2 Guangdong Baolihua New Energy Stock Co Ltd class A 207,280 0.2 0.2 Guangdong Dongyangguang Aluminum Co Ltd class A 43,800 - - Guangdong Electric Power Development Co Ltd class A 89,818 0.1 0.1 Guangdong Haid Group Co Ltd class A 31,900 0.1 0.1 Guangdong Highsun Group Co Ltd class A 29,500 0.1 0.1 Guangdong Investment Ltd class A 5,882,622 4.6 4.6 Guangdong Shengyi Science Technology Co Ltd class A 118,537 0.1 0.1 Guangdong Tapai Group Co Ltd class A 52,800 0.1 0.1 Guangdong Yihua Timber Industry Co Ltd class A 145,600 0.1 0.1 Guanghui Energy Co Ltd class A 331,110 0.9 0.9 Guangshen Railway Co Ltd class A 474,000 0.2 0.2 Guangxi Guiguan Electric Power Co Ltd class A 125,520 0.1 0.1 Guangxi Liugong Machinery Co Ltd class A 1,793,368 2.9 2.9 Guangxi Wuzhou Zhongheng Group Co Ltd class A 149,000 0.2 0.2 Guangzhou Automobile Group Co Ltd class H 5,240,408 4.6 4.6 Guangzhou Baiyun International Airport Co Ltd class A 73,900 0.1 0.1 Guangzhou Baiyunshan Pharmaceutical Co Ltd class A 52,800 0.2 0.2 Guangzhou Development Group Inc class A 93,629 0.1 0.1 Guangzhou Haige Communications Group Inc Co class A 16,900 0.1 0.1 Guangzhou Pharmaceutical Co Ltd class A 35,300 0.1 0.1 Guangzhou R&F Properties Co Ltd class H 2,165,702 3.6 3.6 Guangzhou Shipyard International Co Ltd class A 92 - - class H 37,830 - - - Gudang Garam Tbk PT 1,291,100 7.5 7.5 Guess Inc 148,728 3.6 3.6 Guizhou Changzheng Electric Co Ltd class A 51,480 0.1 0.1 Guizhou Panjiang Refined Coal Co Ltd class A 69,900 0.2 0.2 Gujarat Mineral Development Corp Ltd 470,000 1.9 1.9 Gujarat Pipavav Port Ltd 915,173 0.8 0.8 Gulfport Energy Corp 400,000 15.2 15.2 Gunma Bank Ltd, The 479,091 2.3 2.3 Guoyuan Securities Co Ltd class A 116,100 0.2 0.2

100 H2O Innovation Inc 205,152 - - HALS-Development JSC 3- - HBK Offshore SLV LP share 1 3.8 3.8 HCA Holdings Inc 57,278 1.7 1.7 HCA Inc 11.2 11.2 HCL Technologies Ltd 464,822 5.2 5.2 HCP Inc fund units 504,100 22.7 22.7 HDFC Bank Ltd 4,455,303 54.9 54.9 HJ Heinz Co 419,843 24.1 24.1 HKT Trust / HKT Ltd 2,386,000 2.3 2.3 HMS Holdings Corp 105,000 2.7 2.7 H&R Block Inc 307,200 5.7 5.7 H&R Real Estate Investment Trust fund units 6,921,758 166.8 166.8 HRS Diversified Fund PCC Ltd fund units 19,360 2.1 2.1 HSBC Bank Canada 10.6 10.6 HSBC Holdings PLC 24,202,489 253.4 253.4 HTC Corp 74,906 0.8 0.8 Hachijuni Bank Ltd, The 520,000 2.6 2.6 Haci Omer Sabanci Holding AS 2,190,360 12.0 12.0 Hafei Aviation Industry Co Ltd class A 21,700 0.1 0.1 Hafnia Holding class A 399,000 - - class B 225,500 - - - Haier Electronics Group Co Ltd 2,399,000 3.5 3.5 Hainan Airlines Co Ltd class A 201,700 0.1 0.1 Haining China Leather Market Co Ltd class A 28,400 0.1 0.1 Haitong Securities Co Ltd class A 903,434 1.5 1.5 class H 2,041,200 3.5 3.5 5.0 Hakuhodo DY Holdings Inc 30,595 2.0 2.0 Halliburton Co 1,191,190 41.1 41.1 Hamamatsu Photonics KK 85,400 3.1 3.1 Hammerson PLC fund units 892,059 7.1 7.1 Hana Financial Group Inc 619,666 20.0 20.0 Hang Lung Properties Ltd class A 4,711,587 18.6 18.6 Hang Seng Bank Ltd class A 954,960 14.6 14.6 Hangzhou Binjiang Real Estate Group Co Ltd class A 49,600 0.1 0.1 Hangzhou Hikvision Digital Technology Co Ltd class A 67,400 0.3 0.3 Hankook Tire Co Ltd 199,466 8.7 8.7 Hankyu Hanshin Holdings Inc 1,502,000 7.7 7.7 Hannover Rueckversicherung AG 75,437 5.8 5.8 Han's Laser Technology Co Ltd class A 123,150 0.2 0.2 Hanwha Chemical Corp 225,891 3.9 3.9 Hanwha Life Insurance Co Ltd 466,180 3.4 3.4 Harbin Pharmaceutical Group Co Ltd class A 147,670 0.2 0.2 Harbinger Capital Partners Offshore Fund I Ltd fund units 116,619 22.5 22.5 Hargreaves Lansdown PLC 296,101 3.3 3.3 Harley-Davidson Inc 274,900 13.4 13.4

101 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Harman International Industries Inc 54,500 2.4 2.4 Harmony Gold Mining Co Ltd 1,050,837 9.1 9.1 Harris Corp 120,000 5.9 5.9 Hartford Financial Services Group Inc 673,319 15.0 15.0 Harvey Norman Holdings Ltd 697,235 1.4 1.4 Hasbro Inc 131,397 4.7 4.7 Health Care REIT Inc fund units 310,400 18.9 18.9 Health Care Select Sector SPDR Fund indexed fund units 375,000 14.9 14.9 HeartWare International Inc 74,002 6.2 6.2 Hebei Iron & Steel Co Ltd class A 632,320 0.3 0.3 Hefei Department Store Group Co Ltd class A 79,200 0.1 0.1 HeidelbergCement AG 182,238 11.0 11.0 Heilongjiang Agriculture Co Ltd class A 120,107 0.2 0.2 Heineken Holding NV class A 838,546 45.6 45.6 Heineken NV 305,371 20.2 20.2 Helmerich & Payne Inc 111,879 6.2 6.2 Henan Pinggao Electric Co Ltd class A 101,201 0.1 0.1 Henan Rebecca Hair Products Co Ltd class A 40 - - Henan Shenhuo Coal & Power Co Ltd class A 162,324 0.2 0.2 Henan Shuanghui Investment & Development Co Ltd class A 47,092 0.4 0.4 Henan Yuguang Gold & Lead Co Ltd class A 28,300 0.1 0.1 Henan Zhongfu Industry Co Ltd class A 129,152 0.1 0.1 Henan Zhongyuan Expressway Co Ltd class A 14 - - Henderson Land Development Co Ltd class A 1,459,279 10.3 10.3 Hengan International Group Co Ltd class A 5,916,190 53.2 53.2 Hengdian Group DMEGC Magnetics Co Ltd class A 32,600 0.1 0.1 Hengyi Petrochemical Co Ltd class A 39,600 0.1 0.1 Henkel AG & Co KGaA 917,294 62.5 62.5 preferred 233,869 19.1 19.1 81.6 Hennes & Mauritz AB class B 1,257,403 43.2 43.2 Henry Schein Inc 24,881 2.0 2.0 Herbalife Ltd 45,646 1.5 1.5 Herman Miller Inc 203,820 4.4 4.4 Hermes Microvision Inc 73,000 1.3 1.3 Hero Motocorp Ltd 89,280 3.1 3.1 Héroux-Devtek Inc 4,237,183 37.5 37.5 Hershey Co, The 184,400 13.3 13.3 Hertz Global Holdings Inc 104,018 1.7 1.7 Hess Corp 355,600 18.8 18.8 Hewlett-Packard Co 2,629,116 37.3 37.3

102 Hexagon AB class B 280,606 7.0 7.0 hhgregg Inc 341,970 2.4 2.4 Highwealth Construction Corp 973,200 1.8 1.8 Hikma Pharmaceuticals PLC 932,679 11.5 11.5 Hill-Rom Holdings Inc 150,000 4.3 4.3 Hillshire Brands Co 400,000 11.2 11.2 Hindalco Industries Ltd 2,565,105 6.1 6.1 Hindustan Unilever Ltd 2,224,206 21.2 21.2 Hino Motors Ltd 339,000 3.0 3.0 Hirose Electric Co Ltd 38,445 4.6 4.6 Hiroshima Bank Ltd, The 625,000 2.6 2.6 Hisamitsu Pharmaceutical Co Inc 72,200 3.6 3.6 Hisense Electric Co Ltd class A 120,825 0.2 0.2 Hitachi Chemical Co Ltd 134,998 2.0 2.0 Hitachi Construction Machinery Co Ltd 141,127 2.9 2.9 Hitachi High-Technologies Corp 73,428 1.5 1.5 Hitachi Ltd 5,562,797 32.3 32.3 Hitachi Metals Ltd 213,000 1.8 1.8 Hiwin Technologies Corp 192,183 1.4 1.4 Hochtief AG 13,260 0.8 0.8 Hokkaido Electric Power Co Inc 240,222 2.9 2.9 Hokuriku Electric Power Co 220,900 2.6 2.6 Holcim Ltd 301,562 22.0 22.0 HollyFrontier Corp 47,100 2.2 2.2 Hologic Inc 412,224 8.2 8.2 Home Depot Inc, The 1,816,500 111.9 111.9 Home Inns & Hotels Management Inc 10,000 0.3 0.3 Home Properties Inc fund units 74,200 4.5 4.5 HomeAway Inc 26,457 0.6 0.6 Hon Hai Precision Industry Co., Ltd. 22,449,866 68.4 68.4 Honam Petrochemical Corp 25,993 5.9 5.9 Honda Motor Co Ltd 2,144,262 77.7 77.7 Honeywell International Inc 965,400 61.0 61.0 Hong Kong & China Gas Co Ltd class A 6,844,939 18.6 18.6 Hong Kong Exchanges and Clearing Ltd class A 1,371,350 23.2 23.2 Hong Leong Bank Bhd 1,541,950 7.4 7.4 Hong Leong Financial Group Bhd 87,400 0.4 0.4 Hong Yuan Securities Co Ltd class A 105,713 0.3 0.3 Hongkong Land Holdings Ltd 751,000 5.2 5.2 Hopewell Holdings Ltd class A 748,715 3.2 3.2 Horace Mann Educators Corp 75,000 1.5 1.5 Hormel Foods Corp 164,414 5.1 5.1 Hospira Inc 171,600 5.3 5.3 Hospital Infrastructure Partners NOH Partnership 29.5 29.5 Host Hotels & Resorts Inc fund units 1,302,476 20.3 20.3 Host Hotels & Resorts LP 28.0 28.0

103 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Hotai Motor Co Ltd 598,000 4.8 4.8 Housing Development Finance Corp 3,450,847 52.0 52.0 Hoya Corporation 532,266 10.4 10.4 Hua Nan Financial Holdings Co Ltd 13,888,426 8.0 8.0 Huabao International Holdings Ltd class A 4,896,551 2.4 2.4 Huadian Power International Co class A 202,900 0.1 0.1 Huadong Medicine Co Ltd class A 36,700 0.2 0.2 Huafa Industrial Co Ltd Zhuhai class A 104,478 0.1 0.1 Huagong Tech Co Ltd class A 82,200 0.1 0.1 Huaku Development Co Ltd 145,000 0.4 0.4 Hualan Biological Engineering Inc class A 49,163 0.2 0.2 Huaneng Power International Inc class A 7,955,390 7.3 7.3 Huatai Securities Co Ltd class A 297,200 0.5 0.5 Huawen Media Investment Group Corp class A 137,866 0.2 0.2 Huaxia Bank Co Ltd class A 350,388 0.6 0.6 Huaxin Cement Co Ltd class A 36,200 0.1 0.1 Huayi Brothers Media Corp class A 1,530,801 3.5 3.5 Huayu Automotive Systems Co Ltd class A 176,200 0.3 0.3 Hubei Fuxing Science & Technique Co Ltd class A 93,500 0.1 0.1 Hubei Xingfa Chemicals Group Co Ltd class A 41,115 0.1 0.1 Hubei Yihua Chemical Industry Co., Ltd class A 113,162 0.2 0.2 HudBay Minerals Inc 73,100 0.7 0.7 Hudson City Bancorp Inc 489,936 4.0 4.0 Hugo Boss AG 32,476 3.4 3.4 Hulic Co Ltd 345,300 2.3 2.3 Humana Inc 163,700 11.2 11.2 Hunan Friendship & Apollo Cmmericial Co Ltd class A 56,480 0.1 0.1 Hunan TV & Broadcast Intermediary Co Ltd class A 122,509 0.2 0.2 Hunan Valin Steel Co Ltd class A 158,837 0.1 0.1 Hundsun Electronics Co Ltd class A 78,800 0.1 0.1 Huntington Bancshares Inc 687,400 4.4 4.4 Huolinhe Opencut Coal Industry Co Ltd of Inner Mongolia class A 44,700 0.1 0.1 Husky Energy Inc 110,700 3.3 3.3 Husqvarna AB class B 529,944 3.2 3.2 Hutchison Port Holdings Trust fund units 6,859,000 5.4 5.4 Hutchison Whampoa Ltd class A 2,798,323 29.1 29.1 Hydro One Inc. 188.7 188.7 Hyflux Ltd 758,000 0.8 0.8 Hyosung Corp 61,260 4.2 4.2 Hypermarcas SA 788,316 6.4 6.4

104 Hypothekenbank Frankfurt International SA 50.3 50.3 Hysan Development Co Ltd class A 804,738 3.9 3.9 Hyundai Department Store Co Ltd 40,824 6.0 6.0 Hyundai Development Co 151,739 3.1 3.1 Hyundai Engineering & Construction Co Ltd 179,310 11.7 11.7 Hyundai Glovis Co Ltd 35,224 7.3 7.3 Hyundai Heavy Industries Co Ltd 112,180 25.3 25.3 Hyundai Hysco Co Ltd 86,096 3.6 3.6 Hyundai Marine & Fire Insurance Co Ltd 167,940 5.2 5.2 Hyundai Merchant Marine Co Ltd 33,697 0.7 0.7 Hyundai Mipo Dockyard 29,521 3.5 3.5 Hyundai Mobis 182,872 49.0 49.0 Hyundai Motor Co 413,815 84.1 84.1 preferred 164,965 11.2 11.2 95.3 Hyundai Securities Co Ltd 296,561 2.5 2.5 Hyundai Steel Co 148,825 12.2 12.2 Hyundai Wia Corp 41,431 6.7 6.7 IAMGOLD Corp 332,861 3.8 3.8 ICAP PLC 685,541 3.4 3.4 ICICI Bank Ltd 1,456,672 31.9 31.9 IDEX Corp 349,539 16.2 16.2 IDFC Ltd 3,103,040 9.7 9.7 IDGC Holding JSC 51,390,000 3.3 3.3 IGM Financial Inc 35,200 1.5 24.2 25.7 IHH Healthcare Bhd 5,404,600 5.9 5.9 IHI Corp 1,733,609 4.4 4.4 IHS Inc class A 18,800 1.8 1.8 IJM Corp BHD 3,412,987 5.5 5.5 IMI PLC 421,987 7.5 7.5 ING Groep NV 5,102,789 47.3 47.3 IOI Corp Bhd 9,686,370 16.1 16.1 I-Pulse Inc 53,035 0.1 0.1 IRPC PCL 37,558,152 5.2 5.2 ITC Ltd 4,950,447 25.8 25.8 ITOCHU Corp 1,989,637 20.8 20.8 ITV PLC 4,869,075 8.3 8.3 Iberdrola SA 5,247,338 28.9 28.9 Ibiden Co Ltd 146,024 2.3 2.3 Icade fund units 29,288 2.6 2.6 Iconix Brand Group Inc 311,100 6.9 6.9 Idea Cellular Ltd 2,161,977 4.1 4.1 Idearc Inc 450,000 - - Idemitsu Kosan Co Ltd 27,000 2.3 2.3 Iliad SA 29,952 5.1 5.1 Illinois Tool Works Inc 514,800 31.2 31.2 Illumina Inc 32,100 1.8 1.8

105 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Iluka Resources Ltd 578,701 5.4 5.4 Imerys SA 43,703 2.8 2.8 Immofinanz Ag 1,225,680 5.1 5.1 Immunotec Inc 10,038,617 1.9 1.9 Impala Platinum Holdings Ltd 1,441,049 28.4 28.4 Impax Laboratories Inc 50,000 1.0 1.0 Imperial Holdings Ltd 478,688 11.2 11.2 Imperial Oil Ltd 4,564,372 195.0 195.0 Imperial Tobacco Group PLC 1,420,350 54.6 54.6 Incitec Pivot Ltd 2,110,696 7.0 7.0 Incyte Corp Ltd 607,958 10.1 10.1 Inditex SA 286,379 39.7 39.7 Indo Tambangraya Megah Tbk PT 1,061,500 4.6 4.6 Indocement Tunggal Prakarsa Tbk PT 3,951,796 9.2 9.2 Indofood Sukses Makmur Tbk PT 11,781,918 7.1 7.1 Indorama Ventures PCL 3,876,054 4.0 4.0 Indosat Tbk PT 3,645,607 2.4 2.4 IndusInd Bank Ltd 180,000 1.4 1.4 Industrial Alliance Capital Trust 41.8 41.8 Industrial Alliance Insurance & Financial Services Inc 8,936,900 280.4 17.1 297.5 Industrial Bank Co Ltd class A 1,018,937 2.7 2.7 Industrial Bank of Korea 439,595 4.8 4.8 Industrial & Commercial Bank of China Ltd class A 161,198,751 113.8 113.8 Industrial Securities Co Ltd class A 148,200 0.3 0.3 Industrias CH SAB de CV class B 467,700 3.5 3.5 Industrias Penoles SAB de CV 373,352 18.6 18.6 Industrivarden AB class C 147,002 2.4 2.4 Infineon Technologies AG 1,314,939 10.6 10.6 Infinity Property & Casualty Corp 43,260 2.5 2.5 Informatica Corp 195,000 5.9 5.9 Infosys Ltd 1,091,588 46.0 46.0 Ingersoll-Rand PLC 350,800 16.8 16.8 Inmarsat PLC 597,188 5.7 5.7 Inmet Mining Corp 2,919,708 216.1 216.1 Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd class A 228,742 1.4 1.4 Inner Mongolia Eerduosi Resourses Co Ltd class A 36,200 - - Inner Mongolia MengDian HuaNeng Thermal Power Co Ltd class A 110,300 0.1 0.1 Inner Mongolia Pingzhuang Energy Co Ltd class A 70,300 0.1 0.1 Inner Mongolia Yili Industrial Group Co Ltd class A 247,118 0.9 0.9 Inner Mongolia Yitai Coal Co Ltd class B 1,413,494 8.0 8.0

106 Inner Mongolian Baotou Steel Union Co Ltd class A 438,185 0.4 0.4 Innergex Renewable Energy Inc 9,765,164 101.1 101.1 Innolux Corp 1,746,065 0.9 0.9 Innovente Inc 4,050,000 2.0 2.0 Inpex Corp 3,151 16.6 16.6 Insurance Australia Group Ltd 2,597,920 12.6 12.6 Intact Financial Corp 5,766,314 373.5 373.5 Integrys Energy Group Inc 126,520 6.6 6.6 Intel Corp 5,401,300 111.0 111.0 Inter Pipeline Fund 35.6 35.6 Inter Rao Ues OAO 5,215,021,931 4.2 4.2 Inter-American Development Bank 77.6 77.6 Interconexion Electrica SA ESP 1,040,449 5.6 5.6 InterContinental Hotels Group PLC 357,273 9.9 9.9 IntercontinentalExchange Inc 74,100 9.1 9.1 InterMune Inc 515,420 5.0 5.0 International Business Machines Corp 1,400,200 267.1 267.1 International Consolidated Airlines Group SA 1,217,742 3.6 3.6 International Container Terminal Services Inc 2,085,050 3.7 3.7 International Finance Corp 6.0 6.0 International Flavors & Fragrances Inc 90,900 6.0 6.0 International Game Technology 301,900 4.3 4.3 International Hospitality Inc 4,099,831 - - International Paper Co 515,400 20.5 20.5 InterOil Corp 394,700 21.8 21.8 Interpublic Group of Cos Inc, The 490,600 5.4 5.4 Intersil Corp class A 104,600 0.9 0.9 Intertek Group PLC 673,159 33.8 33.8 Interval Leisure Group Inc 276,930 5.4 5.4 Intesa Sanpaolo SpA 13,853,290 23.3 23.3 Intime Department Store Group Co Ltd 2,321,500 2.7 2.7 Intuit Inc 776,000 46.0 46.0 Intuitive Surgical Inc 60,524 29.6 29.6 Invensys PLC 1,068,120 5.6 5.6 Inventec Corp 6,280,136 2.4 2.4 Invesco Ltd 544,725 14.2 14.2 Investcorp Silverback Arbitrage Fund Ltd fund units 45,000 52.2 52.2 Investec Ltd 637,906 4.4 4.4 Investec PLC 682,969 4.7 4.7 Investment AB Kinnevik class B 256,933 5.3 5.3 Investor AB class B 575,930 15.0 15.0 Iridium Communications Inc 555,911 3.7 3.7 Irish Bank Resolution Corp Ltd 302,266 - - Iron Mountain Inc 182,539 5.6 5.6 Ironwood Pharmaceuticals Inc class A 275,000 3.0 3.0 Isagen SA ESP 2,194,815 3.1 3.1

107 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Isetan Mitsukoshi Holdings Ltd 466,340 4.5 4.5 iShares Dow Jones US Financial Services Index Fund indexed fund units 4,360 0.3 0.3 iShares FTSE China 25 Index Fund indexed fund units 3,450,000 139.1 139.1 iShares MSCI Brazil Index Fund indexed fund units 1,044,670 58.3 58.3 iShares MSCI EAFE Index Fund indexed fund units 121,100 6.9 6.9 iShares MSCI Emerging Markets Index Fund indexed fund units 12,850,000 567.4 567.4 iShares MSCI India Index Fund indexed fund units 164,300 1.0 1.0 iShares MSCI Switzerland Index Fund indexed fund units 5,639 0.2 0.2 iShares MSCI United Kingdom Index Fund indexed fund units 19,662 0.4 0.4 iShares S&P Global Energy Sector Index Fund indexed fund units 13,200 0.5 0.5 iShares S&P Global Healthcare Sector Index Fund indexed fund units 9,820 0.6 0.6 iShares S&P Global Materials Sector Index Fund indexed fund units 2,200 0.1 0.1 iShares S&P Global Technology Sector Index Fund indexed fund units 37,780 2.5 2.5 iShares S&P/TSX 60 Index Fund indexed fund units 16,735,200 299.9 299.9 iShares S&P/TSX Global Gold Index Fund indexed fund units 2,281,700 43.1 43.1 Israel Chemicals Ltd 584,031 7.0 7.0 Israel Corp Limited, The 3,030 2.0 2.0 Isuzu Motors Ltd 1,560,000 9.2 9.2 Itau Unibanco Holding SA preferred 6,466,000 105.0 105.0 Itausa - Investimentos Itau SA preferred 5,817,507 27.4 27.4 Itochu Techno-Solutions Corp 30,819 1.3 1.3 Ivanhoe Australia Ltd 13,142,347 6.7 6.7 Ivanhoe Energy Inc 19,442,822 13.8 13.8 Ivanplats Ltd class A 13,673,066 68.4 68.4 Iyo Bank Limited, The 323,000 2.5 2.5 J Front Retailing Co Ltd 633,161 3.5 3.5 JB Hunt Transport Services Inc 31,100 1.9 1.9 JBS SA 96,971 0.3 0.3 JCDecaux SA 89,154 2.1 2.1 JC Penney Co Inc 1,968,100 38.6 38.6 JDS Uniphase Corp 187,800 2.5 2.5 JFE Holdings Inc 637,461 11.8 11.8 JGC Corp 272,543 8.4 8.4 JM Smucker Company, The 123,500 10.6 10.6 JPMorgan Chase & Co 7,790,621 341.0 127.0 468.0 JSR Corp 232,150 4.4 4.4 JSW Steel Ltd 175,629 2.6 2.6 J Sainsbury PLC 1,620,647 9.1 9.1 JTEKT Corp 292,000 2.7 2.7 JX Holdings Inc 3,296,710 18.3 18.3

108 Jabil Circuit Inc 149,700 2.9 2.9 Jacobs Engineering Group Inc 147,200 6.2 6.2 Jagran Prakashan Ltd 610,000 1.2 1.2 Jaiprakash Associates Ltd 2,153,894 3.8 3.8 James Hardie Industries Plc 568,200 5.4 5.4 Japan Airlines Co Ltd 78,500 3.3 3.3 Japan Petroleum Exploration Co 35,700 1.2 1.2 Japan Prime Realty Investment Corp fund units 979 2.8 2.8 Japan Real Estate Investment Corp fund units 1,285 12.6 12.6 Japan Retail Fund Investment Corp fund units 2,603 4.8 4.8 Japan Steel Works Ltd, The 414,125 2.7 2.7 Japan Tobacco Inc 1,403,200 39.4 39.4 Jardine Cycle & Carriage Ltd 139,000 5.5 5.5 Jasa Marga Persero Tbk PT 5,494,600 3.1 3.1 Jastrzebska Spolka Weglowa SA 94,530 2.8 2.8 Jeronimo Martins SGPS SA 289,119 5.5 5.5 Jiangling Motors Corp Ltd class A 26,300 0.1 0.1 Jiangnan Heavy Industry class A 49,765 0.1 0.1 Jiangsu Chengxing Phosph-Chemicals Co Ltd class A 67,000 0.1 0.1 Jiangsu Expressway Co Ltd class A 6,843,992 6.3 6.3 Jiangsu Hengrui Medicine Co Ltd class A 451,120 2.2 2.2 Jiangsu Jianghuai Engine Co Ltd class A 137,570 0.1 0.1 Jiangsu Kanion Pharmaceutical Co Ltd class A 55,600 0.2 0.2 Jiangsu Phoenix Publishing & Media Corp Ltd class A 104,700 0.1 0.1 Jiangsu Sunshine Co Ltd class A 200,853 0.1 0.1 Jiangsu Yanghe Brewery Joint-Stock Co Ltd class A 160,345 2.4 2.4 Jiangsu Yangnong Chemical Co Ltd class A 1,432,964 4.6 4.6 Jiangsu Yueda Investment Co Ltd class A 92,170 0.2 0.2 Jiangsu Yuyue Medical Equipment & Supply Co Ltd class A 31,315 0.1 0.1 Jiangsu Zhongnan Construction Group Co Ltd class A 59,150 0.1 0.1 Jiangsu Zhongtian Technologies Co Ltd class A 94,907 0.1 0.1 Jiangsu Zongyi Co Ltd class A 102,300 0.1 0.1 Jiangxi Copper Co Ltd class A 3,435,493 9.2 9.2 Jiangxi Ganyue Expressway Co Ltd class A 202,324 0.1 0.1 Jiangxi Hongdu Aviation Industry Corp Ltd class A 48,291 0.1 0.1 Jiangzhong Pharmaceutical Co Ltd class A 32,000 0.1 0.1 Jiaozuo Wanfang Aluminum Manufacturing Co Ltd class A 49,886 0.1 0.1 Jihua Group Corp Ltd class A 194,900 0.1 0.1 Jilin Aodong Medicine Industry Groups Co Ltd class A 114,357 0.3 0.3 Jilin Yatai Group Co Ltd class A 255,350 0.2 0.2 Jindal Steel & Power Ltd 844,019 6.9 6.9 Jinduicheng Molybdenum Co Ltd class A 136,263 0.3 0.3 Jinke Properties Group Co Ltd class A 59,600 0.1 0.1 Jinlin Ji En Nickel Industry Co Ltd class A 57,337 0.1 0.1 Jishi Media Co Ltd class A 71,900 0.1 0.1 JiuGuiJiu Co Ltd class A 32,800 0.2 0.2

109 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Jive Software Inc 420,000 6.1 6.1 Jizhong Energy Resources Co Ltd class A 118,290 0.3 0.3 John Wiley & Sons Inc class A 148,929 5.8 5.8 Johnson & Johnson 3,295,430 230.0 230.0 Johnson Controls Inc 828,500 25.3 25.3 Johnson Matthey PLC 265,555 10.2 10.2 Joincare Pharmaceutical Group Industry Co Ltd class A 95,815 0.1 0.1 Jollibee Foods Corp 1,119,707 2.8 2.8 Joy Global Inc 119,800 7.6 7.6 Joyo Bank Ltd, The 809,205 3.8 3.8 Ju Teng International Holdings Ltd 1,850,000 0.9 0.9 Julius Baer Group Ltd 695,164 24.5 24.5 Junex Inc 3,231,581 2.3 2.3 Juniper Networks Inc 562,000 11.0 11.0 Jupiter Telecommunications Co Ltd 2,736 3.4 3.4 KB Financial Group Inc 985,019 34.7 34.7 KBC Groep NV 295,080 10.1 10.1 KBR Inc 48,500 1.4 1.4 KCC Corp 11,293 3.1 3.1 KDDI Corp 360,900 25.3 25.3 KFW 83.7 83.7 KGHM Polska Miedz SA 375,723 23.0 23.0 KLA-Tencor Corp 549,220 26.1 26.1 KOC Holding AS 1,701,418 8.8 8.8 KP Tissue Inc 792,000 13.8 13.8 K+S AG 223,263 10.3 10.3 KT Corp 84,087 2.8 2.8 KT&G Corp 294,765 22.2 22.2 K Wah International Holdings Ltd 2,800,000 1.3 1.3 Kabel Deutschland Holding AG 116,201 8.6 8.6 Kailuan Energy Chemical Co Ltd class A 94,714 0.2 0.2 Kajima Corp 1,110,952 3.6 3.6 Kalbe Farma Tbk PT 61,326,000 6.7 6.7 Kamigumi Co Ltd 306,566 2.4 2.4 Kaneka Corp 362,306 1.8 1.8 Kangmei Pharmaceutical Co Ltd class A 245,449 0.5 0.5 Kangwon Land Inc 258,364 7.0 7.0 Kansai Electric Power Co Inc, The 1,001,264 10.5 10.5 Kansai Paint Co Ltd 282,000 3.0 3.0 Kansas City Southern 35,900 3.0 3.0

110 Kao Corporation 708,520 18.4 18.4 Karoon Gas Australia Ltd 85,740 0.5 0.5 Kasikornbank PCL 5,009,829 31.6 31.6 Kaupthing Bank Hf 17.7 17.7 Kawasaki Heavy Industries Ltd 1,865,532 5.0 5.0 Kazakhmys PLC 271,478 3.4 3.4 KazMunaiGas Exploration Production JSC 51,304 0.9 0.9 Keda Industrial Co Ltd class A 79,830 0.1 0.1 Keikyu Corp 615,459 5.4 5.4 Keio Corp 758,769 5.6 5.6 Keisei Electric Railway Co Ltd 360,958 3.0 3.0 Kellogg Co 300,900 16.7 16.7 Kenedix Realty Investment Corp fund units 561 1.9 1.9 Keppel Corp Ltd 1,886,632 16.9 16.9 Keppel Land Ltd 966,499 3.2 3.2 Kernel Holding SA 139,001 3.0 3.0 Kerry Group PLC class A 235,957 12.4 12.4 Kerry Properties Ltd class A 906,729 4.7 4.7 Kesko OYJ class B 83,443 2.7 2.7 KeyCorp 2,515,174 21.1 21.1 Keyence Corp 54,483 15.0 15.0 Khalkos Exploration Inc 982,513 - - Kia Motors Corp 707,126 37.2 37.2 Kikkoman Corp 221,235 3.1 3.1 Kildonan Castle Global Credit Opportunity Fund Ltd fund units 25,000 25.4 25.4 Kilroy Realty LP 8.0 8.0 Kimberly-Clark Corp 533,572 44.9 44.9 Kimberly-Clark de Mexico SAB de CV class A 4,174,570 10.6 10.6 Kimco Realty Corp fund units 420,600 8.1 8.1 Kinden Corp 173,894 1.1 1.1 Kinder Morgan Inc class A 1,067,855 37.6 37.6 Kinder Morgan Management LLC 6,297 0.5 0.5 Kingboard Chemical Holdings Ltd class A 1,420,000 5.0 5.0 Kingfa Sci & Tech Co Ltd class A 244,789 0.2 0.2 Kingfisher PLC 3,126,595 14.4 14.4 Kinross Gold Corporation 18,899,992 182.6 182.6 Kinsus Interconnect Technology Corp 719,971 2.3 2.3 Kintetsu Corp 2,133,619 8.7 8.7 Kirin Holdings Co Ltd 1,170,985 13.6 13.6 Klabin SA preferred 1,040,421 6.5 6.5 Klépierre fund units 125,145 4.9 4.9 Kobe Steel Ltd 3,228,993 4.1 4.1 Kohl's Corp 260,900 11.2 11.2 Koito Manufacturing Co Ltd 126,000 1.8 1.8 Komatsu Ltd 1,237,187 31.1 31.1 Komercni Banka AS 40,803 8.6 8.6

111 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Konami Corp 119,968 2.7 2.7 Kone OYJ class B 204,385 15.0 15.0 Konica Minolta Holdings Inc 577,115 4.1 4.1 Koninklijke Ahold NV 1,327,530 17.7 17.7 Koninklijke Boskalis Westminster NV 98,579 4.4 4.4 Koninklijke DSM NV 199,931 12.0 12.0 Koninklijke KPN NV 1,330,875 6.5 6.5 Koninklijke Philips Electronics NV 1,376,578 36.0 36.0 Koninklijke Vopak NV 92,292 6.5 6.5 Korea Aerospace Industries Ltd 92,160 2.2 2.2 Korea Electric Power Corp 689,142 19.5 19.5 Korea Exchange Bank 692,305 4.9 4.9 Korea Gas Corp 62,224 4.4 4.4 Korea Investment Holdings Co Ltd 104,683 4.1 4.1 Korea Zinc Co Ltd 22,789 8.6 8.6 Korean Air Lines Co Ltd 50,456 2.1 2.1 Kotak Mahindra Bank Ltd 843,105 10.0 10.0 Koza Altin Isletmeleri AS 102,317 2.5 2.5 Kraft Foods Group Inc 713,872 32.3 32.3 Kroger Company, The 747,539 19.4 19.4 Kroton Educacional SA 198,400 4.5 4.5 Krung Thai Bank PCL 9,376,016 6.1 6.1 Kuala Lumpur Kepong Bhd 1,447,641 11.3 11.3 Kubota Corp 1,434,282 16.3 16.3 Kuehne + Nagel International AG 70,884 8.5 8.5 Kumba Iron Ore Ltd 216,079 14.4 14.4 Kumho Petro chemical Co Ltd 36,795 4.5 4.5 Kunlun Energy Co Ltd class A 7,950,981 16.5 16.5 Kuraray Co Ltd 446,532 5.8 5.8 Kurita Water Industries Ltd 148,166 3.2 3.2 Kweichow Moutai Co Ltd class A 209,127 7.0 7.0 Kyocera Corp 185,541 16.6 16.6 Kyowa Hakko Kirin Co Ltd 304,185 3.0 3.0 Kyushu Electric Power Co Inc 560,244 6.3 6.3 L-3 Communications Holdings Inc 115,500 8.8 8.8 LCY Chemical Corp 695,092 0.9 0.9 LG Chem Ltd 124,498 38.2 38.2 preferred 20,611 2.0 2.0 40.2 LG Corp 254,704 15.5 15.5 LG Display Co Ltd 624,185 18.0 18.0

112 LG Electronics Inc 60,471 4.1 4.1 LG Household & Health Care Ltd 17,149 10.5 10.5 LG Innotek Co Ltd 27,247 2.1 2.1 LG Uplus Corp 621,701 4.5 4.5 LHC Group Inc 185,842 3.9 3.9 LIC Housing Finance Ltd 670,323 3.6 3.6 LIXIL Group Corp 349,273 7.7 7.7 LKQ Corp 96,900 2.0 2.0 LPS Brasil Consultoria de Imoveis SA 126,200 2.3 2.3 LS Corp 47,529 4.2 4.2 LS Industrial Systems Co Ltd 40,256 2.5 2.5 LSI Corp 863,200 6.1 6.1 LSR Group 556,693 2.3 2.3 LVMH Moet Hennessy Louis Vuitton SA 385,784 70.3 70.3 Laboratory Corp of America Holdings 118,740 10.2 10.2 Lafarge Malayan Cement Bhd 1,026,070 3.2 3.2 Lafarge SA 244,574 15.5 15.5 Lagardere SCA 158,966 5.3 5.3 Lakeside Minerals Corp 1,736,924 - - Lam Research Corp 679,837 24.5 24.5 Land Securities Group PLC fund units 1,290,959 17.0 17.0 Landsbanki Islands HF 3.1 3.1 Lanxess AG 107,824 9.4 9.4 Largan Precision Co Ltd 53,274 1.4 1.4 Larsen & Toubro Ltd 529,374 15.5 15.5 Las Vegas Sands Corp 168,200 7.7 7.7 Latam Airlines Group SA 702,777 16.4 16.4 Laurentian Bank of Canada 2,389,486 105.7 20.2 125.9 Lawson Inc 83,451 5.6 5.6 Lee & Man Paper Manufacturing Ltd 4,550,764 2.9 2.9 Lee's Pharmaceutical Holdings Ltd 645,000 0.4 0.4 Leeds Master Fund Ltd fund units 55,258 0.9 0.9 Legacy Oil + Gas Inc 32,200 0.2 0.2 Legal & General Group PLC 7,384,696 17.4 17.4 Legg Mason Inc 121,200 3.1 3.1 Leggett & Platt Inc 159,700 4.3 4.3 Legrand SA 311,187 13.0 13.0 Leighton Holdings Ltd 199,118 3.7 3.7 Lend Lease Group 681,178 6.5 6.5 Lender Processing Services Inc 211,000 5.2 5.2 Lennar Corp class A 183,900 7.1 33.8 40.9 Lenovo Group Ltd class A 14,841,996 13.4 13.4 Leucadia National Corp 205,918 4.9 4.9 Level 3 Communications Inc 49,693 1.1 1.1 Lexington Realty Trust 9.2 9.2 Li & Fung Ltd class A 7,680,586 13.5 13.5

113 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Lianhe Chemical Technology Co Ltd class A 34,780 0.1 0.1 Liaoning Cheng Da Co Ltd class A 210,926 0.5 0.5 Liaoning Huajin Tongda Chemicals Co Ltd class A 102,400 0.1 0.1 Liberty Global Inc serie A 45,300 2.8 2.8 serie C 36,700 2.1 2.1 4.9 Liberty Holdings Ltd 307,236 4.0 4.0 Liberty Interactive Corp class A 213,700 4.2 4.2 Liberty Interactive LLC 52.7 52.7 Liberty Media Corp - Liberty Capital serie A 34,100 3.9 3.9 Liberty Property Trust fund units 28,900 1.0 1.0 Life Healthcare Group Holdings Ltd 2,517,312 10.0 10.0 Life Technologies Corp 179,300 8.8 8.8 LifeLock Inc 80,439 0.7 0.7 Light SA 50,400 0.5 0.5 Limelight Networks Inc 2,550,000 5.6 5.6 Lincoln National Corp 291,000 7.5 7.5 Linde AG 239,947 41.6 41.6 Lindt & Spruengli AG 1,285 8.8 8.8 Linear Technology Corp 242,400 8.3 8.3 Link REIT, The fund units 3,744,500 18.6 18.6 LinkedIn Corp class A 18,300 2.1 2.1 LinnCo LLC 250,000 9.0 9.0 Lite-On Technology Corp 5,251,783 6.9 6.9 Livzon Pharmaceutical Group Inc class A 16,900 0.1 0.1 Lloyds Banking Group PLC 52,695,155 40.9 40.9 Loblaw Companies Limited 46,000 1.9 98.0 99.9 Localiza Rent a Car SA 474,700 8.7 8.7 Loews Corp 571,395 23.2 23.2 Lojas Americanas SA 292,400 2.5 2.5 preferred 899,460 8.0 8.0 10.5 Lojas Renner SA 69,700 2.7 2.7 London Stock Exchange Group PLC 220,017 3.9 3.9 Longfor Properties Co Ltd 3,206,598 6.3 6.3 Lonza Group AG 68,797 3.7 3.7 L'Oréal SA 369,442 50.9 50.9 Lorillard Inc 223,000 25.9 25.9 Lotte Confectionery Co Ltd 1,907 2.9 2.9 Lotte Shopping Co Ltd 29,580 10.4 10.4 Lotus Liberator Fund - Asia Infotech Fund fund units 1,000,000 - - Lowe's Cos Inc 1,383,900 48.9 48.9

114 Ltd Brands Inc 272,900 12.8 12.8 Lukoil OAO 1,405,011 91.6 91.6 Lululemon Athletica Inc 33,276 2.5 2.5 Lundin Mining Corp 129,000 0.7 0.7 Lundin Petroleum AB 272,854 6.2 6.2 Lupin Ltd 1,222,366 13.6 13.6 Luthai Textile Co Ltd class A 74,363 0.1 0.1 Luxi Chemical Group Co Ltd class A 115,700 0.1 0.1 Luxin Venture Capital Group Co Ltd class A 39,400 0.1 0.1 Luxottica Group SpA 241,105 9.8 9.8 Luxshare Precision Industry Co Ltd class A 22,500 0.1 0.1 Luzhou Laojiao Co Ltd class A 120,053 0.7 0.7 LyondellBasell Industries NV class A 428,830 24.4 24.4 M3 Inc 737 1.2 1.2 MAN SE 55,516 5.9 5.9 MAXIMUS Inc 39,677 2.5 2.5 MCAN Mortgage Corporation 1,403,999 17.7 17.7 MC Funding Ltd / MC Funding 2006-1 LLC 67.5 67.5 MDN Inc 3,046,500 0.3 0.3 MDU Resources Group Inc 59,100 1.3 1.3 MEG Energy Corp 20,458,291 622.8 622.8 MEGA Brands Inc 29,200 0.3 0.3 MEIJI Holdings Co Ltd 80,135 3.5 3.5 MGIC Investment Corp 24.3 24.3 MGM China Holdings Ltd 1,246,800 2.3 2.3 MGM Resorts International 122,164 1.4 1.4 MISC Bhd 463,000 0.7 0.7 MMC Corp Bhd 2,225,783 1.9 1.9 MMC Norilsk Nickel OJSC 127,899 23.4 23.4 MMG Ltd 3,716,000 1.5 1.5 MMI Holdings Ltd 2,738,980 7.1 7.1 MOL Hungarian Oil and Gas PLC class A 112,200 9.0 9.0 MPX Energia SA 331,700 1.8 1.8 MRV Engenharia e Participacoes SA 225,119 1.3 1.3 MS&AD Insurance Group Holdings 651,395 12.8 12.8 MStar Semiconductor Inc 461,486 3.5 3.5 M&T Bank Corp 126,145 12.4 12.4 MTN Group Ltd 4,552,887 94.9 94.9 MTR Corp Ltd class A 1,899,000 7.4 7.4 MW Eureka Fund fund units 673,832 103.7 103.7 MTY Food Group Inc 102,335 2.3 2.3 Maanshan Iron & Steel class A 400,900 0.1 0.1 Mabuchi Motor Co Ltd 31,447 1.3 1.3 Macerich Company, The fund units 32,700 1.9 1.9 Macquarie Group Ltd 417,604 15.3 15.3 Macronix International 5,432,906 1.6 1.6

115 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Macy's Inc 581,900 22.6 22.6 Madalena Ventures Inc 755,000 0.3 0.3 Magazine Luiza SA 124,500 0.7 0.7 Magna International Inc class A 9,195,535 456.8 456.8 Magnit OJSC 972,888 71.1 71.1 Magnum Hunter Resources Corp 300,000 1.2 1.2 Magyar Telekom Telecommunications PLC 1,267,683 2.1 2.1 Mahindra & Mahindra Ltd 890,918 15.1 15.1 Maire Tecnimont SpA 155,908 0.1 0.1 Makita Corp 147,070 6.7 6.7 Malaga Inc 3,784,926 0.1 0.1 Malayan Banking Bhd 11,300,247 33.9 33.9 Malaysia Airports Holdings Bhd 1,562,202 2.7 2.7 Malaysia Marine and Heavy Engineering Holdings Bhd 1,403,480 2.0 2.0 Man Group PLC 25,941 - - Mando Corp 34,217 4.1 4.1 Manitoba Telecom Services Inc. 27.4 27.4 Manpower Inc 26,230 1.1 1.1 Manufacturers Life Insurance Co, The 10.5 10.5 Manulife Finance Delaware LP 46.2 46.2 Manulife Financial Corp 745,404 10.1 10.1 Mapfre SA 964,397 2.9 2.9 Maple Leaf Macro Volatility Fund fund units 116,502 4.7 4.7 Mapletree Industrial Trust fund units 3,290,000 3.6 3.6 Mapletree Logistics Trust fund units 3,111,000 2.9 2.9 Marathon Oil Corp 1,176,200 35.9 35.9 Marathon Overseas Fund Ltd fund units 40,087 2.2 2.2 Marathon Petroleum Corp 485,900 30.5 30.5 Marcopolo SA preferred 473,900 3.0 3.0 Marico Ltd 530,000 2.1 2.1 Marine Harvest ASA 6,000,000 5.5 5.5 Maritimes & Northeast Pipeline LP 7.2 7.2 Markel Corp 20,335 8.8 8.8 MarketAxess Holdings Inc 193,554 6.8 6.8 Marks & Spencer Group PLC 2,110,188 13.1 13.1 Maroc Telecom SA 235,926 2.9 2.9 Marriott International Inc class A 303,100 11.3 11.3 Marsh & McLennan Cos Inc 576,600 19.8 19.8 Martin Marietta Materials Inc 14,200 1.3 1.3 Marubeni Corp 2,167,367 15.3 15.3

116 Marui Group Co Ltd 292,716 2.3 2.3 Maruichi Steel Tube Ltd 60,900 1.4 1.4 Maruti Suzuki India Ltd 77,973 2.1 2.1 Marvell Technology Group Ltd 518,322 3.7 3.7 Masco Corp 405,400 6.7 6.7 Massmart Holdings Ltd 290,086 6.5 6.5 Mastercard Inc class A 170,550 83.4 83.4 Matamec Explorations Inc 1,967,250 0.3 0.3 Mattel Inc 479,390 17.5 17.5 MaxLinear Inc class A 1,250,000 6.3 6.3 Maxim Integrated Products Inc 78,300 2.3 2.3 Maxis Bhd 6,038,500 13.1 13.1 Mazda Motor Corp 3,543,000 7.1 7.1 McCormick & Co Inc 146,100 9.2 9.2 McDonald's Corp 1,306,900 114.8 114.8 McDonald's Holdings Co Japan Ltd 87,300 2.3 2.3 McGraw-Hill Cos Inc, The 326,000 17.7 17.7 McKesson Corp 791,000 76.4 76.4 Mead Johnson Nutrition Co 246,200 16.2 16.2 MeadWestvaco Corp 210,900 6.7 6.7 Mechel 390,992 2.7 2.7 Media Nusantara Citra Tbk PT 11,229,500 2.9 2.9 MediaTek Inc 579,894 6.4 6.4 Mediobanca SpA 652,840 4.0 4.0 Medipal Holdings Corp 173,249 1.9 1.9 Medtronic Inc 1,160,061 47.4 379.6 427.0 Mega Financial Holding Co Ltd 21,510,443 16.7 16.7 MegaFon OAO 233,013 5.5 5.5 Meggitt PLC 1,026,934 6.4 6.4 MeiHua Holdings Group Co class A 91,200 0.1 0.1 Mellanox Technologies Ltd 42,380 2.5 2.5 Melrose Industries PLC 1,579,527 5.7 5.7 Mercator Transport Group Corp 2,500,000 0.2 0.2 Merck & Co Inc 4,524,441 184.4 184.4 Merck KGaA 76,678 10.1 10.1 Mercury General Corp 24,822 1.0 1.0 Merida Industry Co Ltd 488,000 2.2 2.2 Merrill Lynch & Co Inc 15.3 15.3 Merrill Lynch Financial Assets Inc 48.6 48.6 Mesnac Co Ltd class A 87,750 0.1 0.1 MetLife, Inc. 1,426,563 46.8 46.8 preferred 73,100 1.8 1.8 48.6 Metallurgical Corp of China Ltd class A 331 - - class H 685,000 0.1 0.1 0.1 Metalurgica Gerdau SA preferred 626,077 7.0 7.0 Metanor Resources Inc 4,686,988 0.9 0.9

117 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Metcash Ltd 1,158,772 4.0 4.0 Metro AG 171,832 4.7 4.7 Metro Inc 631,480 40.0 20.5 60.5 Metro Pacific Investments Corp 4,635,000 0.5 0.5 MetroPCS Communications Inc 357,200 3.5 3.5 Metropolitan Bank & Trust 770,331 1.9 1.9 Metso OYJ 167,754 7.1 7.1 Mexichem SAB de CV 2,772,407 15.3 15.3 Microchip Technology Inc 306,790 10.0 10.5 20.5 Micron Technology Inc 1,058,900 6.7 6.7 Microsemi Corp 342,500 7.2 7.2 Microsoft Corp 9,546,898 254.1 254.1 Mid-America Apartment Communities Inc fund units 62,400 4.0 4.0 Middleby Corp 19,086 2.4 2.4 Midland Exploration Inc 2,687,122 3.5 3.5 Midland Holdings Ltd 1,688,000 0.8 0.8 Millicom International Cellular SA 82,981 7.1 7.1 Mills Estruturas e Servicos de Engenharia SA 284,368 4.7 4.7 Milord Real Estate Development Group Co Ltd class A 283,740 0.1 0.1 Mincom Capital Inc 766,667 0.1 0.1 Minera Frisco SAB de CV 1,707,731 7.1 7.1 Minmetals Development Co Ltd class A 73,140 0.2 0.2 Miraca Holdings Inc 65,611 2.6 2.6 Mirae Asset Securities Co Ltd 62,241 2.1 2.1 Mirvac Group fund units 4,479,754 6.9 6.9 Mitsubishi Chemical Holdings Corp 1,756,832 8.6 8.6 Mitsubishi Corp 1,860,914 35.3 35.3 Mitsubishi Electric Corp 2,562,252 21.6 21.6 Mitsubishi Estate Co Ltd 1,873,916 44.2 44.2 Mitsubishi Gas Chemical Co Inc 501,915 3.0 3.0 Mitsubishi Heavy Industries Ltd 3,986,195 19.1 19.1 Mitsubishi Logistics Corp 161,696 2.3 2.3 Mitsubishi Materials Corp 1,448,258 4.9 4.9 Mitsubishi Motors Corp 5,101,000 5.2 5.2 Mitsubishi Tanabe Pharma Corp 275,413 3.6 3.6 Mitsubishi UFJ Financial Group Inc 16,721,502 88.8 88.8 Mitsubishi UFJ Lease & Finance Co Ltd 72,890 3.1 3.1 Mitsui & Co Ltd 2,311,774 34.2 34.2 Mitsui Chemicals Inc 1,125,381 2.9 2.9 Mitsui Fudosan Co Ltd 1,046,163 25.2 25.2

118 Mitsui OSK Lines Ltd 1,424,783 4.2 4.2 Mizrahi Tefahot Bank Ltd 157,667 1.6 1.6 Mizuho Financial Group Inc 29,029,590 52.5 52.5 Mobile Telesystems OJSC 1,386,435 25.8 25.8 Mohawk Industries Inc 19,400 1.8 1.8 Molex Inc 110,900 3.0 3.0 Molson Coors Brewing Co class B 195,779 8.3 8.3 Molson Coors Capital Finance ULC 34.6 34.6 Monarques Resources Inc 3,058,217 0.6 0.6 Mondelez International Inc 2,142,017 54.3 54.3 MonoGen, Inc. 18,574,045 - - Montreal Airports 66.6 66.6 Monsanto Co 638,100 60.1 60.1 Monster Beverage Corp 169,300 8.9 8.9 Moody's Corp 200,100 10.0 10.0 Morgan Stanley 2,015,494 38.4 52.6 91.0 Mosaic Company, The 346,800 19.6 19.6 Motorola Solutions Inc 297,628 16.5 16.5 Mr Price Group Ltd 639,300 10.5 10.5 Muenchener Rueckversicherungs AG 249,894 44.6 44.6 Multiplan Empreendimentos Imobiliarios SA 147,000 4.3 4.3 Multiplus SA 40,500 0.9 0.9 Murata Manufacturing Co Ltd 263,958 15.4 15.4 Murphy Oil Corp 287,600 17.1 17.1 Mylan Inc 874,036 23.9 23.9 N-45 First Class CMBS Issuer Corp 107.4 107.4 NARI Technology Development Co Ltd class A 148,600 0.4 0.4 NASDAQ OMX Group Inc, The 122,218 3.0 3.0 NBC Asset Trust 24.9 24.9 NBCG Portobello Fund (Winton Futures Brunswick Fund) fund units 8,570,509 99.9 99.9 NCR Corp 189,400 4.8 4.8 NCSoft Corp 41,130 5.8 5.8 NEC Corp 3,153,065 6.6 6.6 NGK Insulators Ltd 354,093 4.1 4.1 NGK Spark Plug Co Ltd 234,686 3.1 3.1 NHK Spring Co Ltd 208,249 1.7 1.7 NHN Corp 109,788 23.2 23.2 NICE Systems Ltd 72,220 2.4 2.4 NIKE Inc class B 922,620 47.4 47.4 NKSJ Holdings Inc 472,040 10.0 10.0 NOK Corp 136,389 2.1 2.1 NOVA Gas Transmission Limited 23.6 23.6 NQ Exploration Inc 4,769,333 0.1 0.1 NRG Energy Inc 390,924 9.0 9.0 NRW Bank 166.4 166.4 NSK Ltd 579,101 4.1 4.1

119 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

NTPC Ltd 1,839,192 5.2 5.2 NTT Data Corp 1,525 4.7 4.7 NTT DoCoMo Inc 21,741 31.0 31.0 NTT Urban Development Corp 1,443 1.4 1.4 NVIDIA Corp 653,200 8.0 8.0 NWS Holdings Ltd class A 1,887,376 3.2 3.2 NXP Semiconductor NV 259,600 6.8 6.8 NYSE Euronext 325,175 10.2 10.2 Nabors Industries Ltd 332,906 4.8 4.8 Nabtesco Corp 134,692 3.0 3.0 Namco Bandai Holdings Inc 233,188 3.0 3.0 Nan Kang Rubber Tire Co Ltd 911,671 1.1 1.1 Nan Ya Plastics Corp 8,144,778 15.6 15.6 Nanjing Xingang High-Tech Co Ltd class A 57,250 0.1 0.1 Naspers Ltd class N 1,050,613 67.0 67.0 National Australia Bank Ltd 3,000,616 77.6 77.6 National Bank of Canada 2,906,409 224.5 262.2 486.7 National Financial Partners Corp 4.7 4.7 National Grid PLC 5,095,096 58.0 58.0 National Oilwell Varco Inc 660,100 44.9 44.9 National Societe Generale Bank SAE 299,525 1.7 1.7 Natixis 1,172,090 3.9 3.9 Natura Cosmeticos SA 965,764 27.5 27.5 NavInfo Co Ltd class A 34,005 0.1 0.1 Nedbank Group Ltd 544,808 12.0 12.0 Nemaska Lithium Inc 4,564,500 2.2 2.2 Neo Holdings Co Ltd 19,592 - - Neopost SA 261 - - Neste Oil OYJ 157,783 2.0 2.0 Nestle India Ltd 28,500 2.6 2.6 Nestlé SA 4,396,723 285.1 285.1 NetApp Inc 1,032,500 34.5 84.0 118.5 Netcare Ltd 2,345,457 5.4 5.4 Netflix Inc 61,964 5.7 5.7 Netscout Systems Inc 140,682 3.6 3.6 Neusoft Corp class A 103,408 0.1 0.1 NeuStar Inc class A 180,300 7.5 7.5 New China Life Insurance Co Ltd class A 28,100 0.1 0.1 New Gold Inc 181,100 2.0 2.0 New Hope Liuhe Co Ltd class A 88,645 0.2 0.2

120 New World Development Co Ltd class A 4,657,435 7.2 7.2 New World Mining Entreprises Inc 500,000 0.2 0.2 New York Community Bancorp Inc 107,600 1.4 1.4 New York Life Global Funding 99.0 99.0 Newcrest Mining Ltd 1,035,391 23.7 23.7 Newell Rubbermaid Inc 326,500 7.2 7.2 Newfield Exploration Co 172,200 4.6 4.6 Newmont Mining Corp 626,506 29.0 29.0 News Corp class A 2,258,700 57.4 57.4 class B 179,500 4.7 4.7 62.1 Nexen Inc 170,700 4.5 4.5 Nexon Co Ltd 128,500 1.3 1.3 Next Media Ltd 1,400,000 0.3 0.3 Next PLC 216,370 13.0 13.0 NextEra Energy Inc 737,619 50.8 50.8 Nidec Corp 145,981 8.4 8.4 Nielsen Holdings NV 42,224 1.3 1.3 Niko Resources Ltd 2,158,900 23.0 23.0 Nikon Corp 447,334 13.0 13.0 Nine Dragons Paper Holdings Ltd 3,864,000 3.5 3.5 Ningbo Fuda Co Ltd class A 60,900 0.1 0.1 Ningbo Port Co Ltd class A 435,500 0.2 0.2 Ningbo Shanshan Co Ltd class A 18 - - Ningbo Yunsheng Group Co Ltd class A 53,430 0.1 0.1 Ningxia Orient Tantalum Industry Co Ltd class A 43,250 0.1 0.1 Nintendo Co Ltd 127,184 13.4 13.4 Nippon Building Fund Inc fund units 765 7.9 7.9 Nippon Electric Glass Co Ltd 443,764 2.5 2.5 Nippon Express Co Ltd 1,116,034 4.6 4.6 Nippon Meat Packers Inc 224,501 3.1 3.1 Nippon Paper Group Inc 128,000 1.8 1.8 Nippon Steel & Sumitomo Metal Corp 9,940,665 24.0 24.0 Nippon Telegraph & Telephone Corp 591,700 24.7 24.7 Nippon Yusen KK 2,119,972 4.9 4.9 Nishi-Nippon City Bank Ltd, The 849,453 2.1 2.1 NiSource Inc 406,290 10.1 10.1 Nissan Motor Co Ltd 3,283,230 30.7 30.7 Nisshin Seifun Group Inc 248,235 3.1 3.1 Nissin Foods Holdings Co., Ltd 77,050 2.9 2.9 Nitori Holdings Co Ltd 45,071 3.3 3.3 Nitto Denko Corp 213,893 10.4 10.4 Noble Corp 385,900 13.4 13.4 Noble Energy Inc 242,800 24.6 24.6 Noble Group Ltd 5,084,472 4.8 4.8 Nokia OYJ 4,539,678 17.4 17.4 Nokian Renkaat OYJ 147,128 5.8 5.8

121 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Nomura Holdings Inc 4,541,789 26.3 26.3 Nomura Real Estate Holdings Inc 119,200 2.3 2.3 Nomura Real Estate Office Fund Inc fund units 343 2.0 2.0 Nomura Research Institute Ltd 122,436 2.5 2.5 Nomura TOPIX Banks Exchange Traded Fund indexed fund units 15,300,000 23.4 23.4 Noranda Income Fund fund units 387,000 1.8 1.8 Nordea Bank AB 3,926,534 37.3 37.3 Nordic American Tankers Ltd 84,900 0.7 0.7 Nordstrom Inc 175,300 9.3 9.3 Norfolk Southern Corp 384,400 23.7 23.7 Norsk Hydro ASA 1,217,493 6.1 6.1 North American Energy Partners Inc 59,500 0.2 0.2 North China Pharmaceutical Co Ltd class A 130,362 0.1 0.1 North Navigation Control Technology Co Ltd class A 62,700 0.1 0.1 Northam Platinum Ltd 615,838 2.8 2.8 Northeast Securities Co Ltd class A 41,400 0.1 0.1 Northeast Utilities 375,320 14.6 14.6 Northern Trust Corp 239,254 12.0 12.0 Northrop Grumman Corp 324,256 21.8 21.8 NorthStar Realty Finance Corp 16.9 16.9 NorthWestern Corp 220,000 7.6 7.6 Nova Scotia Power Inc. 44.5 44.5 Novartis AG 3,344,516 209.0 209.0 Novatek Microelectronics Corp 529,862 2.1 2.1 NovaTek OAO 244,459 29.2 29.2 Noveko International Inc class A 10,183,200 0.9 0.9 Novo Nordisk AS class B 782,400 126.2 126.2 Novolipetsk Steel OJSC 176,926 3.6 3.6 Novozymes AS class B 316,373 8.9 8.9 Nuance Communications Inc 877,300 19.5 19.5 Nucor Corp 379,400 16.3 16.3 Nunavik Nickel Mines Ltd 54,047 - - NuVista Energy Ltd 6,999,700 41.1 41.1 NxStage Medical Inc 359,072 4.0 4.0 OCI Co Ltd 11,604 1.8 1.8 O'Connor Global Fundamental Market Neutral L/S fund units 54,214 109.5 109.5 OGE Energy Corp 82,200 4.6 4.6 OGX Petroleo e Gas Participacoes SA 5,511,617 11.7 11.7 OMV AG 190,562 6.8 6.8 ONEOK Inc 228,550 9.7 9.7

122 ON Semiconductor Corp 1,000,000 7.0 10.2 17.2 OPAP SA 293,119 2.1 2.1 O'Reilly Automotive Inc 131,300 11.7 11.7 ORIX Corp 130,883 14.6 14.6 OSX Brasil SA 4,084,000 21.2 21.2 OTP Bank PLC 601,156 11.3 11.3 OZ Minerals Ltd 397,646 2.8 2.8 OZ Overseas Fund II Ltd fund units 72,660 145.6 145.6 Obayashi Corp 851,919 4.8 4.8 Occidental Petroleum Corp 974,423 74.3 74.3 Oceaneering International Inc 26,000 1.4 1.4 Oceanwide Real Estate Group Co Ltd class A 191,928 0.2 0.2 Odakyu Electric Railway Co Ltd 822,483 8.5 8.5 Odontoprev SA 1,080,050 5.6 5.6 Offshore Oil Engineering Co Ltd class A 298,440 0.3 0.3 Oi SA 582,807 2.6 2.6 preferred 798,878 3.2 3.2 5.8 Oil & Natural Gas Corp Ltd 2,364,281 11.5 11.5 Oji Holdings Corp 1,042,426 3.6 3.6 Olam International Ltd 2,083,113 2.6 2.6 Old Mutual PLC 6,101,827 17.6 17.6 Olympus Corp 256,517 4.9 4.9 Omnicare Inc 28,800 1.0 1.0 Omnicom Group Inc 320,600 16.0 16.0 OmniVision Technologies Inc 325,000 4.6 4.6 Omron Corp 245,783 5.8 5.8 OneCapital Multi-Advisor Offshore Fund fund units 76 - - Onex Corp 3,130,992 131.1 131.1 Ono Pharmaceutical Co Ltd 96,800 4.9 4.9 Onyx Pharmaceuticals Inc 114,258 8.6 8.6 Open Text Corp 2,558,159 142.3 142.3 Oracle Corp 6,062,700 201.1 201.1 Oracle Corp Japan 46,135 1.9 1.9 Orascom Construction Industries 252,322 10.0 10.0 Orascom Hotels & Development 8- - Orascom Telecom Holding SAE 7,038,759 4.4 4.4 Orbit Garant Drilling Inc 2,800,000 6.2 6.2 Orezone Gold Corp 164,000 0.3 0.3 Orica Ltd 1,574,143 40.8 40.8 Orient Group Inc class A 213,213 0.2 0.2 Orient Overseas International Ltd class A 289,500 1.9 1.9 Oriental Land Co Ltd 65,649 7.9 7.9 Oriental Union Chemical Corp 1,511,000 1.8 1.8 Origin Energy Ltd 1,357,126 16.3 16.3 Orion Corp 9,607 9.8 9.8 Orion OYJ class B 126,715 3.7 3.7

123 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Orkla ASA 1,271,653 11.0 11.0 Osaka Gas Co Ltd 2,533,144 9.2 9.2 Osisko Mining Corp 19,445,580 155.6 36.0 191.6 Otsuka Corp 19,158 1.4 1.4 Otsuka Holdings Co Ltd 423,900 11.9 11.9 Oversea-Chinese Banking Corp Ltd 3,221,657 25.6 25.6 Owens-Illinois Inc 181,400 3.8 3.8 Oxam Quant Fund Limited fund units 38,565 106.4 106.4 PACCAR Inc 420,700 18.9 18.9 PBF Energy Inc 94,144 2.7 2.7 PCCW Ltd class A 5,306,000 2.3 2.3 PDG Realty SA Empreendimentos e Participacoes 1,846,200 3.0 3.0 PG&E Corp 554,176 22.2 22.2 PGE SA 2,007,176 11.8 11.8 PHH Corp 31.6 31.6 PICC Property & Casualty Co Ltd class A 6,293,241 8.8 8.8 PNC Financial Services Group Inc 687,766 39.9 39.9 POSCO 175,489 57.0 57.0 PPB Group Bhd 196,700 0.7 0.7 PPC Ltd 1,337,156 5.4 5.4 PPG Industries Inc 182,900 24.6 24.6 PPL Corp 843,151 24.0 24.0 PPR 99,214 18.3 18.3 PTT Exploration & Production PCL 3,734,205 19.9 19.9 PTT Global Chemical PCL 5,565,215 12.7 12.7 PTT PCL 2,299,684 24.9 24.9 PVH Corp 23,000 2.5 2.5 Pace Oil & Gas Ltd 190,438 0.6 0.6 Pacific Rubiales Energy Corp 95,017 2.2 2.2 Pacific Securities Co Ltd class A 111,430 0.1 0.1 Pactera Technology International Ltd 272,440 2.2 2.2 Painted Pony Petroleum Ltd class A 281,700 3.0 3.0 Pall Corp 127,700 7.7 7.7 Palm Landscape Architecture Co Ltd class A 22,638 0.1 0.1 Pan American Silver Corp 68,668 1.3 1.3 Panasonic Corp 2,915,185 17.5 17.5 Pang Da Automobile Trade Co Ltd class A 161,700 0.1 0.1 Pangang Group Steel Vanadium & Titanium Co Ltd class A 580,350 0.4 0.4 Parametric Technology Corp 628,300 14.1 14.1 Paramount Resources Ltd class A 400 - -

124 Parex Resources Inc 9,230,792 53.5 53.5 Pargesa Holding SA class B 33,824 2.3 2.3 Park24 Co Ltd 128,200 2.0 2.0 Parker Hannifin Corp 169,100 14.3 14.3 Parkson Holdings Bhd 1,614,688 2.7 2.7 Parkson Retail Group Ltd class A 3,189,465 2.6 2.6 PartnerRe Ltd 778,365 62.4 62.4 Partners Group Holding AG 21,952 5.0 5.0 Pason Systems Inc 6,584,600 112.9 112.9 Patterson Cos Inc 89,300 3.0 3.0 Paychex Inc 351,500 10.9 10.9 Peabody Energy Corporation 395,200 10.5 10.5 Pearson PLC 1,347,675 25.9 25.9 Pegatron Corp 538,266 0.7 0.7 Pembina Pipeline Corp 102,900 2.9 5.5 8.4 Pengrowth Energy Corp class B 172,429 0.9 0.9 Penn West Petroleum Ltd 153,388 1.7 1.7 PennyMac Mortgage Investment Trust fund units 75,000 1.9 1.9 Pentair Ltd 248,051 12.1 12.1 People.cn Co Ltd class A 17,100 0.1 0.1 People's United Financial Inc 358,386 4.3 4.3 Pepco Holdings Inc 261,200 5.1 5.1 PepsiCo Inc 2,072,624 141.2 141.2 Perella Weinberg Partners Xerion Fund Ltd fund units 75,000 66.0 66.0 Performant Financial Corp 66,615 0.7 0.7 PerkinElmer Inc 92,200 2.9 2.9 Pernod-Ricard SA 351,157 40.3 40.3 Perrigo Co 91,200 9.5 9.5 Perseus Mining Ltd 223,251 0.5 0.5 Perusahaan Gas Negara Persero Tbk PT 29,276,007 13.9 13.9 PetroChina Co Ltd class A 50,662,970 71.5 71.5 Petrofac Ltd 1,622,551 42.6 42.6 Petroleo Brasileiro SA 11,742,656 147.9 147.9 preferred 10,684,707 101.4 101.4 249.3 Pétrolia Inc 568,952 0.5 0.5 Petronas Chemicals Group Bhd 7,514,400 15.7 15.7 Petronas Dagangan BHD 666,450 5.1 5.1 Petronas Gas BHD 1,593,137 10.1 10.1 PetSmart Inc 286,900 19.5 19.5 Peugeot SA 303,834 2.2 2.2 Peyto Exploration & Development Corp 31,300 0.7 0.7 Pfizer Inc 8,444,308 210.9 210.9 Pfizer Ltd, India 22,000 0.5 0.5 Pharmstandard OJSC 305,703 5.1 5.1 Philip Morris International Inc 2,187,390 182.2 182.2 Philippine Long Distance Telephone Co 141,263 8.7 8.7

125 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Phillips 66 837,350 44.3 44.3 Phison Electronics Corp 166,693 1.1 1.1 Pick n Pay Stores Ltd 644,629 3.4 3.4 Pimco Offshore Funds Overlay Strategies IV fund units 7,593,361 71.9 71.9 Ping An Bank Co Ltd class A 440,004 1.1 1.1 Ping An Insurance Group Co of China Ltd class A 5,996,530 48.8 48.8 Pingdingshan Tianan Coal Mining Co Ltd class A 161,031 0.2 0.2 Pinnacle West Capital Corp 131,133 6.7 6.7 Pioneer Natural Resources Co 152,300 16.2 16.2 Piramal Enterprises Ltd 156,294 1.5 1.5 Pirelli & C. SpA 312,244 3.5 3.5 Pitney Bowes Inc 226,900 2.4 2.4 Plains Exploration & Production Co 157,100 7.3 7.3 Plenary Health Care Partnerships Humber LP 10.9 10.9 Plum Creek Timber Co Inc fund units 165,200 7.3 7.3 Pohjola Bank PLC class A 173,488 2.6 2.6 Polaris Industries Inc 21,300 1.8 1.8 Polski Koncern Naftowy Orlen SA 860,893 13.7 13.7 Polskie Gornictwo Naftowe i Gazownictwo SA 4,750,208 8.0 8.0 Poly Property Group Co Ltd 4,981,000 3.9 3.9 Poly Real Estate Group Co Ltd class A 2,956,794 6.4 6.4 Polypore International Inc 102,200 4.7 4.7 Porsche Automobil Holding SE preferred 201,002 16.3 16.3 Porto Seguro SA 258,608 3.0 3.0 Portugal Telecom SGPS SA 823,775 4.1 4.1 Potash Corporation of Saskatchewan Inc. 12,753,728 516.3 516.3 Pou Chen Corp 5,906,952 6.2 6.2 Power Assets Holdings Ltd class A 1,820,997 15.5 15.5 Power Corporation of Canada 10,321,896 262.0 262.0 Power Finance Corp Ltd 588,997 2.2 2.2 Power Financial Corp 1,807,500 49.2 48.6 97.8 Power Grid Corp of India Ltd 3,751,076 7.8 7.8 Powershares Global Clean Energy Portfolio indexed fund units 250,000 2.0 2.0 Powertech Technology Inc 792,545 1.3 1.3 Powszechna Kasa Oszczednosci Bank Polski SA 2,012,800 23.9 23.9 Powszechny Zaklad Ubezpieczen SA 150,635 21.2 21.2 Prada SpA 800,000 7.6 7.6 Praxair Inc 356,300 38.8 38.8 Precision Castparts Corp 266,300 50.2 50.2 Preferred Apartment Communities, Inc. 290,909 2.2 2.2

126 President Chain Store Corp 934,256 5.0 5.0 Prestige Télécom Inc. 970,420 - - priceline.com Inc 60,400 37.4 20.5 57.9 Pricoa Global Funding I 75.7 75.7 Principal Financial Global Funding II LLC 86.4 86.4 Principal Financial Group, The 290,100 8.2 8.2 ProAssurance Corp 150,000 6.3 6.3 Procter & Gamble Company, The 3,457,442 233.7 233.7 Progress Software Corp 175,869 3.7 3.7 Progressive Corp, The 997,085 21.0 21.0 Prologis Inc fund units 738,175 26.8 10.8 37.6 Promet Bhd 127,000 - - Prothena Corp PLC 25,447 0.2 0.2 ProSiebenSat.1 Media AG preferred 163,406 4.6 4.6 Prudential Financial Inc 632,728 33.6 33.6 Prudential PLC 3,725,155 52.2 52.2 Prysmian SpA 267,403 5.3 5.3 Public Bank Bhd 1,055,150 5.6 5.6 class E 1,841,700 9.8 9.8 15.4 Public Service Enterprise Group Inc 631,559 19.2 19.2 Public Storage fund units 154,200 22.3 22.3 Publicis Groupe SA 232,578 13.8 13.8 PulteGroup Inc 385,800 7.0 7.0 Puma Exploration Inc 3,504,167 0.9 0.9 QBE Insurance Group Ltd 1,487,107 16.8 16.8 QEP Resources Inc 190,300 5.7 5.7 QIAGEN NV 278,861 5.0 5.0 QLIK Technologies Inc 410,000 8.9 8.9 QLogic Corp 259,800 2.5 2.5 QMX Gold Corporation 305,604 0.1 2.6 2.7 Qantas Airways Ltd 1,456,944 2.2 2.2 Qingdao Haier Co Ltd class A 253,654 0.5 0.5 Qinghai Salt Lake Industry Co Ltd class A 81,390 0.4 0.4 Qinghai Sunshiny Industry Co Ltd class A 109,400 0.1 0.1 Qualcomm Inc 2,808,182 173.4 173.4 Qualicorp SA 859,350 8.9 8.9 Quanta Computer Inc 2,687,760 6.3 6.3 Quanta Services Inc 240,200 6.5 6.5 Quebecor Inc 511.5 511.5 class A 310,565 12.0 12.0 class B 2,272,111 87.9 87.9 611.4 Quest Diagnostics Inc 192,302 11.2 11.2 RBC Capital Trust II 47.9 47.9 RBS Capital Trust I 4.3 4.3 RF Micro Devices Inc 1,350,000 6.0 6.0 RHB Capital Bhd 1,695,653 4.3 4.3

127 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

RLI Corp 67,672 4.4 4.4 RMB Holdings Ltd 1,894,317 9.1 9.1 RMI Holdings 1,794,236 4.3 4.3 RMP Energy Inc 215,200 0.7 0.7 RONA Inc 18,231,600 194.5 194.5 RR Donnelley & Sons Co 166,480 1.5 1.5 RSA Insurance Group PLC 4,447,823 9.1 9.1 RWE AG 642,398 26.3 26.3 preferred 51,194 1.9 1.9 28.2 Rackspace Hosting Inc 21,600 1.6 1.6 Radian Group Inc 30.9 30.9 Radiant Opto-Electronics Corp 240,190 1.0 1.0 Radware Ltd 49,097 1.6 1.6 Raffles Medical Group Ltd 34,000 0.1 0.1 Raging River Exploration Inc 143,920 0.5 0.5 Raia Drogasil SA 453,000 5.1 5.1 Raiffeisen Bank International AG 61,024 2.5 2.5 Rainy River Resources Ltd 8,350,000 41.5 41.5 Rakuten Inc 953,100 7.4 7.4 Ralcorp Holdings Inc 22,200 2.0 2.0 Ralph Lauren Corp class A 69,139 10.3 10.3 Rambus Inc 5.2 5.2 Ramsay Health Care Ltd 154,354 4.4 4.4 Ranbaxy Laboratories Ltd 285,130 2.6 2.6 Randgold Resources Ltd 113,074 10.9 10.9 Randstad Holding NV 158,112 5.8 5.8 Range Resources Corp 173,400 10.9 10.9 Ratos AB class B 239,214 2.3 2.3 Rayonier Inc fund units 30,150 1.6 1.6 Raytheon Co 400,600 23.0 23.0 Realtek Semiconductor Corp 630,579 1.3 1.3 Realty Income Corp fund units 39,000 1.6 1.6 Reckitt Benckiser Group PLC 905,233 56.8 56.8 Red Electrica Corp. S.A. 142,052 7.0 7.0 Red Hat Inc 204,400 10.8 10.8 Redefine Properties Ltd fund units 7,424,209 8.2 8.2 Reed Elsevier NV 903,047 13.3 13.3 Reed Elsevier PLC 1,618,777 16.8 16.8 Regal Entertainment Group class A 138,710 1.9 1.9 Regency Centers Corp fund units 21,800 1.0 1.0

128 Regeneron Pharmaceuticals Inc 13,200 2.2 20.0 22.2 Regions Financial Corp 1,465,410 10.4 10.4 Regis Corp 9.8 9.8 Reinsurance Group of America Inc 525,300 28.0 28.0 Reitmans Canada Ltd 249,200 2.9 2.9 class A 3,586,300 43.2 43.2 46.1 Reliance LP 25.3 25.3 Reliance Capital Ltd 221,159 1.9 1.9 Reliance Communications Ltd 1,161,490 1.6 1.6 Reliance Industries Ltd 3,259,585 49.7 49.7 Reliance Infrastructure Ltd 234,229 2.2 2.2 Reliance Power Ltd 1,262,823 2.1 2.1 Remgro Ltd 1,162,045 21.7 21.7 Remy Cointreau SA 29,335 3.2 3.2 RenaissanceRe Holdings Ltd 13,100 1.1 1.1 Renault SA 252,321 13.5 13.5 Renegade Petroleum Ltd 236,300 0.6 0.6 Renhe Pharmacy Co Ltd class A 87,900 0.1 0.1 Reno de Medici SpA 34,450,000 7.0 7.0 Repsol SA 1,083,063 21.1 21.1 Republic Services Inc 366,800 10.7 10.7 Research In Motion Limited 162,929 1.9 1.9 ResMed Inc 24,900 1.0 1.0 Resolution Ltd 2,227,356 8.9 8.9 Resona Holdings Inc 2,361,700 10.7 10.7 Responsys Inc 550,000 3.3 3.3 Ressources Appalaches Inc 7,027,000 0.5 0.5 Ressources Aurtois Inc 562,000 - - Ressources Robex Inc 1,482,000 0.2 0.2 Reunert Ltd 483,793 4.3 4.3 Rexam PLC 1,136,936 8.0 8.0 Rexel SA 142,578 2.9 2.9 Reynolds American Inc 487,390 20.1 20.1 Richmont Mines Inc 3,781,634 11.3 11.3 Richtek Technology Corp 273,944 1.6 1.6 Ricoh Co Ltd 799,665 8.4 8.4 Rinnai Corp 42,700 2.9 2.9 Rio Tinto Ltd 564,706 38.5 38.5 Rio Tinto PLC 1,784,506 101.4 101.4 RioCan Real Estate Investment Trust fund units 196,300 5.4 5.4 RiseSun Real Estate Development Co Ltd class A 2,312,073 5.2 5.2 Rising Nonferrous Metals Share Co Ltd class A 18,960 0.2 0.2 Ritchie Bros Auctioneers Inc 37,000 0.8 0.8 Ritchie Multi-Strategy Global Ltd fund units 3 3.0 3.0 Riverbed Technology Inc 425,000 8.3 8.3 Rizhao Port Co Ltd class A 207,300 0.1 0.1

129 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Robert Half International Inc 157,500 5.0 5.0 Roche Holding AG 1,255,100 251.2 251.2 Rock-Tenn Company class A 22,200 1.6 1.6 Rockwell Automation Inc 158,700 13.3 13.3 Rockwell Collins Inc 157,200 9.1 9.1 Rocmec Mining Inc 1,000,000 0.1 0.1 Rogers Communications Inc 225.6 225.6 class A 464,000 21.3 21.3 class B 219,790 9.9 9.9 256.8 Rohatyn Group Global Opportunity Fund fund units 2 1.8 1.8 Rohm Co Ltd 115,926 3.7 3.7 Rolls-Royce Holdings PLC 2,457,659 34.7 34.7 Roper Industries Inc 111,300 12.4 12.4 Rosneft OAO 3,413,124 30.0 30.0 Ross Stores Inc 253,100 13.7 13.7 Rostelecom OJSC 3,159,565 12.4 12.4 Rowan Cos Plc class A 132,300 4.1 4.1 Royal Bank of Canada 588,942 35.3 503.7 539.0 Royal Bank of Scotland PLC, The 58.4 58.4 Royal Bank of Scotland Group PLC 3,628,113 19.1 19.1 Royal Caribbean Cruises Ltd 46,800 1.6 1.6 Royal Dutch Shell PLC class A 5,884,814 237.1 237.1 class B 3,623,090 127.5 127.5 364.6 Ruentex Development Co Ltd 483,303 1.0 1.0 Ruentex Industries Ltd 1,245,453 3.1 3.1 Rural Electrification Corp Ltd 666,807 3.0 3.0 Ryanair Holdings PLC 49,107 1.7 1.7 Ryder System Inc 40,900 2.0 2.0 Ryman Hospitality Properties 42.3 42.3 S1 Corporation 45,891 3.0 3.0 SABMiller PLC 1,263,304 57.8 57.8 SACI Falabella 1,297,886 13.3 13.3 SAIC Inc 294,100 3.3 3.3 SAIC Motor Corp Ltd class A 284,064 0.8 0.8 SAP AG 1,136,156 90.5 90.5 SBA Communications Corp class A 40,500 2.9 2.9 SBI Holdings Inc 280,350 2.5 2.5 SCANA Corp 184,390 8.4 8.4 SCOR SE 344,271 9.2 9.2 SDIC Power Holdings Co Ltd class A 207,407 0.2 0.2

130 SDIC Xinji Energy Co Ltd class A 78,100 0.1 0.1 SEACOR Holdings Inc 7,600 0.6 0.6 SEI Investments Co 34,600 0.8 0.8 SEMAFO Inc 17,289,759 59.1 59.1 SES SA class A 398,841 11.4 11.4 SGS SA 7,188 15.8 15.8 SINOHYDRO Group Ltd class A 404,300 0.3 0.3 SJM Holdings Ltd 2,548,760 5.9 5.9 SK C&C Co Ltd 60,384 5.8 5.8 SKF AB class B 514,653 12.9 12.9 SK Holdings Co Ltd 69,318 11.5 11.5 SK Hynix Inc 1,397,128 33.5 33.5 SK Innovation Co Ltd 161,300 26.1 26.1 SK Networks Co Ltd 333,042 2.6 2.6 SK Telecom Co Ltd 11,004 1.6 1.6 SKYCITY Entertainment Group Ltd 757,354 2.4 2.4 SL Green Operating Partners 13.5 13.5 SL Green Realty Corp 14,200 1.1 1.1 SLM Corp 495,272 8.5 8.5 SMC Corp 70,812 12.7 12.7 SM Investments Corp 478,794 10.2 10.2 SM Prime Holdings Inc 26,402,825 10.6 10.6 SNC-Lavalin Group Inc 6,088,800 245.5 245.5 S-Oil Corp 120,857 11.7 11.7 SP AusNet 2,197,730 2.5 2.5 SPDR S&P 500 ETF Trust indexed fund units 38,406 5.5 5.5 SPX Corp 16,600 1.2 1.2 SSE PLC 1,392,351 32.0 32.0 STMicroelectronics NV 771,698 5.4 5.4 Safeway Inc 306,107 5.5 5.5 Safran SA 301,082 12.9 12.9 Sage Group PLC, The 1,482,217 7.1 7.1 Saipem SpA 330,025 12.7 12.7 Salesforce.com Inc 142,000 23.8 37.7 61.5 Salzgitter AG 50,622 2.6 2.6 Sampo Oyj class A 525,987 16.8 16.8 Samsonite International SA 814,600 1.7 1.7 Samsung C&T Corp 335,398 19.5 19.5 Samsung Card Co Ltd 115,498 3.9 3.9 Samsung Electro-Mechanics Co Ltd 160,366 14.8 14.8 Samsung Electronics Co Ltd 298,484 422.5 422.5 preferred 55,151 43.7 43.7 466.2 Samsung Engineering Co Ltd 80,512 12.4 12.4 Samsung Fire & Marine Insurance Co Ltd 109,386 22.2 22.2 Samsung Heavy Industries Co Ltd 433,722 15.6 15.6 Samsung Life Insurance Co Ltd 161,024 14.1 14.1

131 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Samsung SDI Co Ltd 91,700 12.9 12.9 Samsung Securities Co Ltd 164,107 8.2 8.2 Samsung Techwin Co Ltd 99,811 5.5 5.5 SanDisk Corp 314,200 13.6 8.2 21.8 San Miguel Corp 1,272,070 3.3 3.3 Sanan Optoelectronics Co Ltd class A 87,560 0.2 0.2 Sands China Ltd 3,170,400 13.8 13.8 Sandvik AB 1,317,273 20.9 20.9 Sankyo Co Ltd 64,062 2.5 2.5 Sanlam Ltd 4,790,464 25.2 25.2 Sanofi SA 2,074,382 179.3 179.3 Sanrio Co Ltd 58,500 1.9 1.9 Santen Pharmaceutical Co Ltd 92,096 3.5 3.5 Santos Ltd 1,191,750 13.7 13.7 Sany Heavy Industry Co Ltd class A 521,731 0.9 0.9 Sappi Ltd 1,453,097 5.3 5.3 Sapurakencana Petroleum Bhd 6,043,600 6.2 6.2 Saputo Inc 7,363,166 370.4 370.4 Sasol Ltd 1,471,268 62.6 62.6 Satyam Computer Services Ltd 1,457,685 2.8 2.8 Savanna Energy Services Corp 5,118,000 36.8 36.8 Savant Explorations Ltd 2,230,779 - - Sawai Pharmaceutical Co Ltd 36,811 3.7 3.7 Sberbank of Russia 29,110,811 89.5 89.5 preferred 2,683,743 5.9 5.9 95.4 Scania AB class B 420,054 8.6 8.6 Schindler Holding AG 92,074 13.2 13.2 Schlumberger Ltd 1,493,492 103.0 103.0 Schneider Electric SA 1,136,167 81.8 81.8 Schooner Trust 20.3 20.3 Schroders PLC 141,395 3.9 3.9 ScinoPharm Taiwan Ltd 638,000 1.5 1.5 Scotiabank Capital Trust 48.0 48.0 Scotiabank Tier I Trust 22.4 22.4 Scripps Networks Interactive Inc class A 98,300 5.7 5.7 SeaDrill Ltd 548,804 20.0 20.0 Seagate Technology PLC 358,200 10.9 10.9 Seahawk Minerals Ltd 47,500 - - Sealand Securities Co Ltd class A 75,500 0.1 0.1 Sealed Air Corp 215,100 3.8 3.8

132 Searainbow Holding Corp class A 118,978 0.2 0.2 Sears Holdings Corp 15,500 0.6 0.6 Secom Co Ltd 275,579 13.8 13.8 Secure Energy Services Inc 6,467,545 64.2 64.2 Securitas AB class B 411,028 3.6 3.6 Sega Sammy Holdings Inc 262,069 4.4 4.4 Segro PLC fund units 928,391 3.7 3.7 Sekisui Chemical Co Ltd 559,000 4.8 4.8 Sekisui House Ltd 711,556 7.7 7.7 SemGroup Corp class A 395,000 15.4 15.4 SembCorp Industries Ltd 1,291,000 5.5 5.5 SembCorp Marine Ltd 1,097,000 4.1 4.1 Semen Indonesia Persero Tbk PT 7,959,232 13.0 13.0 Sempra Energy 274,500 19.4 19.4 Semtech Corp 75,355 2.2 2.2 Sensata Technologies Holding NV 32,100 1.0 1.0 Sensio Technologies Inc 5,424,393 1.4 1.4 Sequenom Inc 1,019,747 4.8 4.8 Serco Group PLC 654,235 5.7 5.7 ServiceSource International Inc 541,800 3.2 3.2 Sesa Goa Ltd 782,512 2.8 2.8 Seven & I Holdings Co Ltd 1,010,252 28.4 28.4 Seven Bank Ltd 687,300 1.8 1.8 Severn River Capital Offshore Fund Ltd fund units 65,000 58.7 58.7 Severn Trent PLC 312,832 8.0 8.0 Severstal OAO 449,642 5.4 5.4 Shandong Chenming Paper Holdings Ltd class A 5,602,593 3.7 3.7 Shandong Denghai Seeds Co Ltd class A 23,800 0.1 0.1 Shandong Dong-E E-Jiao Co Ltd class A 89,243 0.6 0.6 Shandong Gold Mining Co Ltd class A 122,192 0.8 0.8 Shandong Homey Aquatic Development Co Ltd class A 58,900 0.1 0.1 Shandong Hualu Hengsheng Chemical Co Ltd class A 81,900 0.1 0.1 Shandong Humon Smelting Co Ltd class A 26,800 0.1 0.1 Shandong Iron and Steel Co Ltd class A 275,440 0.1 0.1 Shandong Jinjing Science & Technology Co Ltd class A 132,800 0.1 0.1 Shandong Jinling Mining Co Ltd class A 46,400 0.1 0.1 Shandong Nanshan Aluminum Co Ltd class A 180,954 0.2 0.2 Shandong Weigao Group Medical Polymer Co Ltd class H 3,792,000 3.8 3.8 Shanghai 3F New Materials Co class A 45,540 0.1 0.1 Shanghai Aerospace Automobile Electromechanical Co class A 80,674 0.1 0.1 Shanghai AJ Corp class A 123,215 0.2 0.2 Shanghai Chengtou Holding Co Ltd class A 227,132 0.2 0.2 Shanghai Construction Co Ltd class A 118,960 0.2 0.2 Shanghai Datun Energy Resources Co Ltd class A 48,800 0.1 0.1 Shanghai Dazhong Public Utilities Group Co Ltd class A 207,820 0.1 0.1 Shanghai Electric Group Co Ltd class A 6,691,473 2.8 2.8

133 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Shanghai Electric Power Co Ltd class A 108,100 0.1 0.1 Shanghai Fosun Pharmaceutical Group Co Ltd class A 178,600 0.3 0.3 Shanghai Friendship Group Inc Ltd class A 132,054 0.2 0.2 Shanghai Haixin Group Co class A 95,900 0.1 0.1 Shanghai Industrial Development Co Ltd class A 69,580 0.1 0.1 Shanghai Industrial Holdings Ltd class A 1,283,423 4.5 4.5 Shanghai International Airport Co Ltd class A 164,274 0.3 0.3 Shanghai International Port Group Co Ltd class A 349,256 0.2 0.2 Shanghai Jahwa United Co Ltd class A 46,094 0.4 0.4 Shanghai Jinjiang International Hotels Development Co Ltd class A 28,700 0.1 0.1 Shanghai Kehua Bio-Engineering Co Ltd class A 69,480 0.1 0.1 Shanghai Lujiazui Finance & Trade Zone Development Co Ltd class A 45,785 0.1 0.1 Shanghai Mechanical and Electrical Industry Co Ltd class A 61,897 0.1 0.1 Shanghai Oriental Pearl Group Co Ltd class A 217,373 0.2 0.2 Shanghai Pharmaceuticals Holding Co Ltd class A 129,600 0.2 0.2 class special H 1,404,100 2.7 2.7 2.9 Shanghai Pudong Development Bank class A 1,762,154 2.8 2.8 Shanghai Shimao Co Ltd class A 49,400 0.1 0.1 Shanghai Tunnel Engineering Co Ltd class A 90,425 0.1 0.1 Shanghai Xinhua Media Co Ltd class A 76,660 0.1 0.1 Shanghai Yuyuan Tourist Mart Co Ltd class A 2,437,666 2.8 2.8 Shanghai Zhangjiang High-Tech Park Development Co Ltd class A 134,110 0.2 0.2 Shanghai Zhenhua Heavy Industries Co Ltd class A 260,850 0.1 0.1 Shanghai Zhixin Electric Co Ltd class A 62,500 0.1 0.1 Shanghai Zi Jiang Enterprise Group Co Ltd class A 194,200 0.1 0.1 Shangri-La Asia Ltd class A 2,055,833 4.1 4.1 Shantui Construction Machinery Co Ltd class A 155,322 0.1 0.1 Shanxi Coal International Energy Group Co Ltd class A 32,500 0.1 0.1 Shanxi Lanhua Sci-Tech Venture Co Ltd class A 107,086 0.4 0.4 Shanxi Lu'an Environmental Energy Development Co Ltd class A 135,718 0.5 0.5 Shanxi Securities Co Ltd class A 81,800 0.1 0.1 Shanxi Taigang Stainless Steel Co Ltd class A 339,957 0.2 0.2 Shanxi Xinghuacun Fen Wine Factory Co Ltd class A 44,200 0.3 0.3 Shanxi Xishan Coal & Electricity Power Co Ltd class A 243,611 0.5 0.5 Sharp Corp 1,312,629 4.6 4.6 Shaw Communications Inc class B 290,394 6.6 100.6 107.2 Shenergy Co Ltd class A 403,226 0.3 0.3 Shenzhen Agricultural Products Co Ltd class A 151,848 0.1 0.1 Shenzhen Airport Co class A 113,848 0.1 0.1 Shenzhen Energy Group Co Ltd class A 139,098 0.1 0.1

134 Shenzhen Hifuture Electric Co Ltd class A 52,560 0.1 0.1 Shenzhen Invengo Information Technology JSC Ltd class A 62,600 0.1 0.1 Shenzhen Kaifa Technology Co Ltd class A 104,800 0.1 0.1 Shenzhen Laibao Hi-tech Co Ltd class A 60,720 0.2 0.2 Shenzhen Overseas Chinese Town Co Ltd class A 561,962 0.7 0.7 Shenzhen Salubris Pharmaceuticals Co Ltd class A 18,668 0.1 0.1 Shenzhen Yantian Port Holding Co Ltd class A 114,524 0.1 0.1 Shenzhen Zhenye Group Co Ltd class A 119,177 0.1 0.1 Shenzhen Zhongjin Lingnan Nonfemet Co Ltd class A 226,527 0.3 0.3 Sherwin-Williams Co, The 96,200 14.7 14.7 Shijiazhuang Yiling Pharmaceutical Co Ltd class A 22,700 0.1 0.1 Shikoku Electric Power Co Inc 219,700 3.5 3.5 Shimadzu Corp 282,000 1.9 1.9 Shimamura Co Ltd 29,119 2.8 2.8 Shimano Inc 97,371 6.2 6.2 Shimao Property Holdings Ltd class A 3,455,586 6.5 6.5 Shimizu Corp 776,000 2.9 2.9 Shin-Etsu Chemical Co Ltd 537,190 32.4 32.4 Shin Kong Financial Holding Co Ltd 11,503,849 3.2 3.2 Shinhan Financial Group Co Ltd 971,062 35.1 35.1 Shinsegae Co Ltd 18,495 3.8 3.8 Shinsei Bank Ltd 1,928,280 3.8 3.8 Shionogi & Co Ltd 352,869 5.8 5.8 Shire PLC 672,818 20.6 20.6 Shiseido Co Ltd 472,594 6.6 6.6 Shizuoka Bank Ltd, The 695,457 6.7 6.7 Shoppers Drug Mart Corp 3,278,679 140.3 140.3 Shopping Centres Australasia Property Group fund units 3,924 - - Shoprite Holdings Ltd 1,148,463 27.6 27.6 Shougang Fushan Resources Group Ltd 7,478,000 2.7 2.7 Showa Denko KK 1,861,389 2.8 2.8 Showa Shell Sekiyu KK 231,441 1.3 1.3 Shriram Transport Finance Co Ltd 280,162 3.9 3.9 Shuangliang Eco-Energy Systems Co Ltd class A 55,240 0.1 0.1 Shui On Land Ltd class A 6,280,077 3.0 3.0 Siam Cement PCL 1,159,456 17.2 17.2 Siam Commercial Bank PCL 4,735,933 27.9 27.9 Siam Makro PCL 257,600 2.9 2.9 Sichuan Changhong Electric Co Ltd class A 628,253 0.2 0.2 Sichuan Chuantou Energy Co Ltd class A 116,236 0.2 0.2 Sichuan Hongda Co Ltd class A 130,400 0.1 0.1 Sichuan Kelun Pharmaceutical Co Ltd class A 36,979 0.3 0.3 Sichuan Swellfun Co Ltd class A 49,483 0.2 0.2 Sichuan Tuopai Shede Wine Co Ltd class A 37,400 0.2 0.2 Sichuan Western Resources Holding Co Ltd class A 49,392 0.1 0.1 Siemens AG 1,081,465 116.7 116.7

135 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Siemens Ltd 153,197 1.9 1.9 Sieyuan Electric Co Ltd class A 44,600 0.1 0.1 Sigma-Aldrich Corp 134,400 9.9 9.9 Sihuan Pharmaceutical Holdings Group Ltd 4,238,362 1.9 1.9 Sika AG 2,834 6.5 6.5 Siliconware Precision Industries Co 5,944,515 6.3 6.3 Silver Plaza Group Co Ltd class A 62,440 0.1 0.1 Silver Wheaton Corp 8,218,106 294.7 294.7 Sime Darby Bhd 7,858,779 24.4 24.4 Simon Property Group Inc fund units 432,400 68.1 68.1 Simplo Technology Co Ltd 343,594 1.7 1.7 Sims Metal Management Ltd 212,360 2.0 2.0 Singapore Airlines Ltd 708,810 6.2 6.2 Singapore Exchange Ltd 1,072,751 6.1 6.1 Singapore Press Holdings Ltd 2,116,687 7.0 7.0 Singapore Telecommunications Ltd 10,656,870 28.7 28.7 Sino-Forest Corp 82,200 - - Sino Land Co Ltd class A 3,693,800 6.6 6.6 Sino-Ocean Land Holdings Ltd class A 7,200,494 5.4 5.4 Sinochem International Corp class A 114,235 0.1 0.1 Sinolink Securities Co Ltd class A 55,400 0.2 0.2 Sinoma International Engineering Co class A 74,563 0.2 0.2 SinoPac Financial Holdings Co Ltd 16,193,765 6.9 6.9 Sinopec Shanghai Petrochemical Co Ltd class A 5,610,441 2.1 2.1 Sinopharm Group Co Ltd class H 1,833,600 5.7 5.7 Sinotrans Air Transportation Development Co Ltd class A 58,115 0.1 0.1 Sirios Resources Inc 1,090,946 0.1 0.1 Sirius Satellite Radio Inc 27.0 27.0 Sirius XM Radio Inc 1,265,876 3.6 3.6 Sistema JSFC 323,725 6.5 6.5 Sitoy Group Holdings Ltd 166,000 0.1 0.1 Skandinaviska Enskilda Banken AB class A 1,768,974 15.0 15.0 Skanska AB class B 504,421 8.2 8.2 Smith & Nephew PLC 1,083,471 11.9 11.9 Smithfield Foods Inc 5,000,000 107.4 11.0 118.4 Smiths Group PLC 515,885 9.9 9.9 Snam SpA 2,219,483 10.2 10.2 Snap-on Inc 46,800 3.7 3.7 Sobeys Inc. 25.2 25.2 Sociedad Quimica y Minera de Chile SA preferred series B 242,295 13.9 13.9

136 Société BIC SA 37,567 4.5 4.5 Société d'Exploration Minière Vior Inc 8,971,873 0.4 0.4 Société en commandite Gaz Métro 27.3 27.3 Société Générale SA 1,036,533 38.6 38.6 Sodexo 125,025 10.5 10.5 Softbank Corp 1,258,494 45.5 45.5 Soho China Ltd class A 4,880,102 3.9 3.9 Sojitz Corp 1,642,789 2.4 2.4 Solaise Systematique Fund Limited fund units 1 49.8 49.8 Solvay SA 76,836 11.0 11.0 Sonic Healthcare Ltd 441,699 6.1 6.1 Sonomax Technologies Inc 26,000,000 0.3 0.3 Sonova Holding AG 64,537 7.1 7.1 Sony Corp 1,318,738 14.6 14.6 Sony Financial Holdings Inc 229,000 4.1 4.1 SooChow Securities Co Ltd class A 102,900 0.1 0.1 Sotheby's 129,273 4.3 4.3 Sound Environmental Co Ltd class A 60,034 0.2 0.2 Southern Company, The 1,130,018 48.2 48.2 Southern Copper Corp 455,669 17.2 17.2 Southern Pacific Resource Corp 662,800 0.9 0.9 SouthGobi Resources Ltd 2,167,700 4.4 4.4 Southwest Airlines Co 653,200 6.7 6.7 Southwest Securities Co Ltd class A 119,349 0.2 0.2 Southwestern Energy Co 393,000 13.1 13.1 Souza Cruz SA 981,240 14.7 14.7 Spansion Inc class A 251,300 3.5 3.5 Spar Group Limited, The 462,602 7.2 7.2 Spectra Energy Corp 801,690 21.9 21.9 Sphinx Strategy Fund Ltd fund units 2 - - Spinnaker Capital Pacnet Holdings Ltd fund units 133,702 9.5 9.5 Spinnaker Global Opportunity Fund Ltd fund units 681,607 68.5 68.5 Sprint Nextel Corp 3,731,273 21.1 21.1 Square Enix Holdings Co Ltd 77,800 1.0 1.0 St. Jude Medical Inc 432,063 15.6 15.6 Standard Bank Group Ltd 3,205,764 44.7 44.7 Standard Chartered PLC 3,131,861 79.8 79.8 Standard Foods Corp 633,320 1.7 1.7 Standard Life PLC 2,943,839 15.8 15.8 Stanley Black & Decker Inc 3,470,687 255.6 255.6 Stanley Electric Co Ltd 187,940 2.6 2.6 Staples Inc 764,100 8.7 8.7 Starbucks Corp 907,700 48.5 48.5 StarHub Ltd 788,000 2.4 2.4 Starwood Hotels & Resorts Worldwide Inc 222,300 12.7 12.7 Starwood Property Trust Inc fund units 100,000 2.3 2.3

137 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

State Bank of India 410,727 22.9 22.9 State Street Corp 655,362 30.7 30.7 Statoil ASA 1,386,538 34.5 34.5 Steinhoff International Holdings Ltd 3,192,588 10.3 10.3 Stella International Holdings Ltd 337,000 0.9 0.9 Stericycle Inc 97,400 9.0 9.0 Sterling Financial Corp 100,000 2.1 2.1 Sterlite Industries India Ltd 3,025,873 6.4 6.4 Stewart Information Services Corp 10.1 10.1 Stockland fund units 2,844,515 10.4 10.4 Stone Energy Corp 350,000 7.2 7.2 Stora Enso Oyj class R 714,368 4.9 4.9 Storm Resources Ltd 5,906,768 11.4 11.4 Stornoway Diamond Corporation 11,410,375 7.9 7.9 Strait Crossing Development Inc 9.0 9.0 Strateco Resources Inc 1,096,745 0.2 0.2 Strategic Value Restructuring Fund Ltd fund units 750,000 83.0 83.0 Stratus Fund Ltd fund units 74,571 138.4 138.4 Stria Capital Inc 766,667 0.1 0.1 Stryker Corp 378,585 20.7 20.7 Student Transportation Inc 7,979,518 48.9 48.9 Subsea 7 SA 370,022 8.7 8.7 Suedzucker AG 107,099 4.4 4.4 Suez Environnement Co 368,373 4.4 4.4 Sul America SA fund units 552,219 4.8 4.8 Sulzer AG 31,482 4.9 4.9 Sumco Corp 139,918 1.4 1.4 Sumitomo Corp 1,499,872 19.0 19.0 Sumitomo Chemical Co Ltd 1,930,799 6.0 6.0 Sumitomo Electric Industries Ltd 990,080 11.3 11.3 Sumitomo Heavy Industries Ltd 725,646 3.4 3.4 Sumitomo Metal Mining Co Ltd 678,316 9.4 9.4 Sumitomo Mitsui Financial Group Inc 1,789,639 64.2 64.2 Sumitomo Mitsui Trust Holdings Inc 4,177,608 14.5 14.5 Sumitomo Realty & Development Co Ltd 600,410 19.7 19.7 Sumitomo Rubber Industries Ltd 224,321 2.7 2.7 Sun Art Retail Group Ltd 5,465,500 8.4 8.4 Sun Hung Kai Properties Ltd class A 2,658,389 39.7 39.7 Sun Life Capital Trust 6.4 6.4 Sun Life Financial Inc 205,549 5.4 218.6 224.0

138 Sun Pharmaceutical Industries Ltd 701,213 9.4 9.4 Suncor Energy Inc 20,033,612 655.3 655.3 Suncorp Group Ltd 1,629,841 17.1 17.1 Suning Appliance Co Ltd class A 3,528,612 3.8 3.8 Suning Universal Co Ltd class A 120,840 0.2 0.2 Suntec Real Estate Investment Trust fund units 2,893,000 4.0 4.0 SunTrust Banks Inc 646,200 18.2 18.2 Superior Energy Services Inc 88,700 1.8 1.8 Surge Energy Inc 97,000 0.5 0.5 Surgutneftegas OAO 19,175,724 16.8 16.8 preferred 18,603,134 12.1 12.1 28.9 Suruga Bank Ltd 225,651 2.8 2.8 Suzhou Gold Mantis Construction Decoration Co Ltd class A 39,900 0.3 0.3 Suzuken Co Ltd 82,772 2.3 2.3 Suzuki Motor Corp 478,700 12.4 12.4 Svenska Cellulosa AB class B 880,020 19.0 19.0 Svenska Handelsbanken AB class A 619,732 22.0 22.0 Swatch Group AG, The class B 40,483 20.3 20.3 class R 56,990 4.9 4.9 25.2 Swedbank AB class A 1,006,254 19.6 19.6 Swedish Match AB 270,410 9.0 9.0 Swire Pacific Ltd class A 890,303 11.0 11.0 Swire Properties Ltd 1,460,600 4.9 4.9 Swiss Life Holding AG 40,093 5.3 5.3 Swiss Prime Site AG 67,202 5.6 5.6 Swiss Re AG 491,489 35.2 35.2 Swisscom AG 43,174 18.5 18.5 Sydney Airport 243,557 0.9 0.9 Symantec Corp 1,986,100 37.2 37.2 Synchronoss Technologies Inc 265,000 5.6 5.6 Syngenta AG 122,388 48.8 48.8 Synnex Technology International Corp 3,385,997 6.2 6.2 Synopsys Inc 703,250 22.3 22.3 Synthos SA 1,420,500 2.5 2.5 Sysco Corp 760,392 24.0 24.0 Sysmex Corp 84,700 3.9 3.9 TABCORP Holdings Ltd 1,003,369 3.2 3.2 TAV Havalimanlari Holding AS 438,727 2.2 2.2 TBEA Co Ltd class A 359,619 0.4 0.4 TCF Financial Corp 328,685 4.0 4.0 TCL Corp class A 867,300 0.3 0.3 TD Ameritrade Holding Corp 2,069,900 34.6 34.6 TD Bank NA 92.0 92.0 TDC AS 649,770 4.6 4.6 TD Capital Trust IV 12.3 12.3 T&D Holdings Inc 733,972 8.8 8.8

139 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

TDK Corp 147,633 5.3 5.3 TECO Energy Inc 331,780 5.5 5.5 TE Connectivity Ltd 459,500 17.0 17.0 TELUS Communications Inc 3.0 3.0 TELUS Corporation 4,047,193 263.4 109.6 373.0 class A 5,060,166 327.3 327.3 700.3 TESCO PLC 10,989,461 59.8 59.8 THK Co Ltd 158,064 2.8 2.8 TIBCO Software Inc 356,500 7.8 7.8 TJX Cos Inc 1,199,900 50.7 50.7 TMK OAO 157,265 2.4 2.4 TMX Group Limited 4,594,277 233.0 233.0 TNT Express NV 427,882 4.7 4.7 TOP Energy Co Ltd class A 78,509 - - TOTO Ltd 365,638 2.7 2.7 TPG-Axon Partners (Offshore) Ltd fund units 5,407 8.3 8.3 TPK Holding Co Ltd 146,322 2.6 2.6 T Rowe Price Group Inc 269,200 17.5 17.5 TRW Automotive Inc 10.2 10.2 TRW Automotive Holdings Corp 34,296 1.8 1.8 TSO3 Inc 5,685,000 4.5 4.5 TSRC Corp 1,482,406 3.0 3.0 TTM Technologies Inc 4.5 4.5 TUI Travel PLC 587,031 2.7 2.7 TV18 Broadcast Ltd 3,155,565 1.9 1.9 Taiheiyo Cement Corp 1,443,000 3.9 3.9 Taisei Corp 1,347,347 4.4 4.4 Taishin Financial Holdings Co Ltd 17,631,064 7.0 7.0 Taisho Pharmaceutical Holdings Co Ltd 46,700 3.2 3.2 Taiwan Business Bank 7,913,416 2.4 2.4 Taiwan Cement Corp 8,422,010 11.2 11.2 Taiwan Cooperative Financial Holding 13,086,281 7.3 7.3 Taiwan Fertilizer Co Ltd 379,102 1.0 1.0 Taiwan Glass Industry Corp 1,881,899 1.9 1.9 Taiwan Mobile Co Ltd 4,498,266 16.5 16.5 Taiwan Semiconductor Manufacturing Co Ltd 66,201,522 222.0 222.0 Taiyo Nippon Sanso Corp 315,286 1.8 1.8 Taiyuan Coal Gasification Co Ltd class A 44,528 0.1 0.1 Taiyuan Heavy Industry Co class A 245,043 0.1 0.1 Takashimaya Co Ltd 347,540 2.5 2.5

140 Take-Two Interactive Software Inc 440,000 4.8 4.8 Takeda Pharmaceutical Co Ltd 956,030 42.4 42.4 Talaat Moustafa Group 2,508,390 1.7 1.7 Talisman Energy Inc 25,171,251 283.2 283.2 Tambang Batubara Bukit Asam Persero Tbk PT 2,164,060 3.4 3.4 Tangshan Jidong Cement Co Ltd class A 90,762 0.2 0.2 Tangshan Sanyou Chemical Industries Co Ltd class A 120,750 0.1 0.1 Target Corp 869,300 51.2 51.2 Tasly Pharmaceutical Group Co Ltd class A 44,226 0.4 0.4 Tata Consultancy Services Ltd 1,122,251 25.6 25.6 Tata Motors Ltd 1,865,346 10.6 10.6 class A 400,000 1.3 1.3 11.9 Tata Power Co Ltd 2,543,610 5.1 5.1 Tata Steel Ltd 677,619 5.3 5.3 Tate & Lyle PLC 611,834 7.5 7.5 Tatneft OAO serie 3 3,800,567 27.0 27.0 Tatts Group Ltd 1,844,780 5.7 5.7 Taubman Centers Inc fund units 70,200 5.5 5.5 Tauron Polska Energia SA 2,822,025 4.3 4.3 Technip SA 125,536 14.3 14.3 Technology Select Sector SPDR Fund indexed fund units 900,000 25.9 25.9 Techtronic Industries Co 229,000 0.4 0.4 Teck Resources Ltd class A 1,587,600 57.9 57.9 class B 8,187,597 296.0 296.0 353.9 Teco Electric and Machinery Co Ltd 4,720,226 3.6 3.6 Teijin Ltd 1,211,740 3.0 3.0 Tele2 AB class B 417,179 7.5 7.5 Télébec LP 10.3 10.3 Telecom Corp of New Zealand Ltd 2,437,335 4.6 4.6 Telecom Egypt Co 922,246 2.0 2.0 Telecom Italia SpA 20,238,586 17.3 17.3 Telefonaktiebolaget LM Ericsson class B 3,699,392 36.9 36.9 Telefonica SA 5,390,434 72.1 72.1 Telefonica Brasil SA preferred 459,303 10.9 10.9 Telefonica Czech Republic AS 302,541 5.1 5.1 Telekom Austria AG 290,756 2.2 2.2 Telekom Malaysia Bhd 2,880,215 5.7 5.7 Telekomunikacja Polska SA 1,971,489 7.8 7.8 Telekomunikasi Indonesia Persero Tbk PT 27,051,661 25.3 25.3 Telenet Group Holding NV 74,847 3.5 3.5 Telenor ASA 935,755 18.8 18.8 TeliaSonera AB 2,883,951 19.5 19.5 Telstra Corp Ltd 6,582,591 29.7 29.7 Tempur-Pedic International Inc 72,198 2.3 2.3 Tenaga Nasional Bhd 7,361,428 16.6 16.6 Tenaris SA 582,661 11.9 11.9

141 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Tencent Holdings Ltd class A 2,410,315 77.1 77.1 Tenet Healthcare Corp 77,050 2.5 2.5 Teradata Corp 175,400 10.8 10.8 Teradyne Inc 969,800 16.3 16.3 Teranet Holdings LP 7.8 7.8 Terex Corp 14.9 14.9 Terna Rete Elettrica Nazionale SpA 2,448,903 9.7 9.7 Terumo Corp 186,409 7.3 7.3 Tesoro Corp 215,700 9.5 9.5 Teva Pharmaceutical Industries Ltd 200,000 7.4 7.4 class A 1,114,318 41.3 41.3 48.7 Texas Instruments Inc 1,219,700 37.6 37.6 Thai Oil PCL 2,190,028 4.8 4.8 Thales SA 119,516 4.1 4.1 Theratechnologies Inc 6,081,800 1.9 1.9 Thermax Ltd 104,000 1.2 1.2 Thermo Fisher Scientific Inc 389,700 24.8 24.8 Thomson Reuters Corp 151,800 4.4 4.4 Thor Industries Inc 106,224 4.0 4.0 Threegold Resources Inc 1,615,666 0.1 0.1 ThyssenKrupp AG 500,051 11.7 11.7 Tian Di Science & Technology Co Ltd class A 72,480 0.1 0.1 Tianjin Benefo Tejing Electric Co Ltd class A 32,160 - - Tianjin Faw Xiali Automobile Co Ltd class A 67,200 - - Tianjin Jinbin Development Co class A 30 - - Tianjin Port Co Ltd class A 130,516 0.1 0.1 Tianjin Teda Co Ltd class A 162,007 0.1 0.1 Tianjin Zhonghuan Semiconductor Joint-Stock Co Ltd class A 48,800 0.1 0.1 Tianma Bearing Group Co Ltd class A 80,100 0.1 0.1 Tibet Mineral Development Co class A 54,300 0.1 0.1 Tibet Tianlu Co Ltd class A 40 - - Tibet Urban Development and Investment Co Ltd class A 35,600 0.1 0.1 Tiffany & Co 137,300 7.8 7.8 Tiger Brands Ltd 435,997 16.6 16.6 Tim Hortons Inc 63,300 3.1 3.1 Tim Participacoes SA 1,743,038 7.0 7.0 Time Warner Inc 1,202,790 57.3 57.3 Time Warner Cable Inc class A 367,500 35.6 35.6 Tingyi Cayman Islands Holding Corp class A 4,592,939 12.7 12.7 Titan Industries Ltd 620,667 3.2 3.2

142 Tobu Railway Co Ltd 1,341,307 7.1 7.1 Tofas Turk Otomobil Fabrikasi AS 337,700 2.0 2.0 Toho Co Ltd 148,851 2.6 2.6 Toho Gas Co Ltd 537,000 2.9 2.9 Tohoku Electric Power Co Inc 594,153 5.5 5.5 Tokio Marine Holdings Inc 876,800 24.1 24.1 Tokyo Electric Power Co Inc 1,898,605 4.5 4.5 Tokyo Electron Ltd 205,527 9.3 9.3 Tokyo Gas Co Ltd 3,289,284 15.0 15.0 Tokyu Corp 1,493,062 8.4 8.4 Tokyu Land Corp 534,817 3.9 3.9 Toll Brothers Inc 50,400 1.6 1.6 Toll Holdings Ltd 914,191 4.3 4.3 TonenGeneral Sekiyu KK 348,549 3.0 3.0 Tonghua Dongbao Pharmaceutical Co Ltd class A 84,977 0.1 0.1 Tongling Nonferrous Metals Group Co Ltd class A 119,716 0.4 0.4 Toppan Printing Co Ltd 734,733 4.5 4.5 Toray Industries Inc 1,902,183 11.5 11.5 Torchmark Corp 202,550 10.4 10.4 Toronto-Dominion Bank, The 8,049,141 674.1 381.0 1,055.1 Toronto Hydro Corp 28.8 28.8 Torrent Pharmaceuticals Ltd 112,000 1.5 1.5 Toshiba Corp 4,872,019 18.9 18.9 Total SA 2,874,726 147.2 147.2 Total System Services Inc 168,000 3.6 3.6 Totvs SA 622,365 12.2 12.2 Tourmaline Oil Corp 148,288 4.6 4.6 Towa Pharmaceutical Co Ltd 93,646 4.9 4.9 Toyo Seikan Kaisha Ltd 196,603 2.6 2.6 Toyo Suisan Kaisha Ltd 115,933 3.1 3.1 Toyoda Gosei Co Ltd 85,407 1.7 1.7 Toyota Boshoku Corp 87,400 1.0 1.0 Toyota Industries Corp 213,832 6.7 6.7 Toyota Motor Corp 3,635,347 167.7 167.7 Toyota Tsusho Corp 278,870 6.8 6.8 Tractebel Energia SA 371,411 6.0 6.0 Tractor Supply Co 83,200 7.3 7.3 Trans-Northern Pipelines Inc 11.9 11.9 Trans Québec & Maritimes Pipeline Inc 7.5 7.5 TransAlta Corp 101,800 1.5 1.5 Transat AT Inc class B 3,002,600 17.8 17.8 TransCanada Corporation 5,759,158 270.8 270.8 TransCanada PipeLines Ltd 65.4 65.4 Transcend Information Inc 519,511 1.4 1.4 TransDigm Group Inc 16,000 2.2 2.2 TransForce Inc 1,400,000 27.8 27.8

143 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Transocean Ltd 466,986 20.5 20.5 Transurban Group 1,726,812 10.9 10.9 Travelers Cos Inc, The 424,100 30.3 30.3 Treasury Wine Estates Ltd 849,595 4.1 4.1 Trend Micro Inc 126,351 3.8 3.8 Trican Well Service Ltd 10,353,500 135.8 135.8 Trilogy Energy Corp 23,900 0.7 0.7 Trimble Navigation Ltd 25,000 1.5 1.5 Trioil Resources Ltd class A 149,955 0.5 0.5 TripAdvisor Inc class A 88,050 3.7 3.7 Tripod Technology Corp 1,131,698 2.4 2.4 True Religion Apparel Inc 159,301 4.0 4.0 Truworths International Ltd 1,177,406 15.0 15.0 Tryg AS 30,622 2.3 2.3 Tsakos Energy Navigation Ltd 193,800 0.7 0.7 Tsinghua Tongfang Co Ltd class A 234,996 0.3 0.3 Tsingtao Brewery Co Ltd class A 47,434 0.2 0.2 class H 695,866 4.1 4.1 4.3 Tsumura & Co 70,900 2.1 2.1 Tudor Tensor Fund Ltd fund units 37,963 56.4 56.4 Tullow Oil PLC 1,135,204 23.2 23.2 Tung Ho Steel Enterprise Corp 1,566,862 1.6 1.6 Tupperware Brands Corp 105,000 6.7 6.7 Tupras Turkiye Petrol Rafinerileri AS 336,029 9.7 9.7 Turk Hava Yollari 1,288,191 4.5 4.5 Turk Telekomunikasyon AS 1,408,960 5.4 5.4 Turkcell Iletisim Hizmetleri AS 2,066,474 13.3 13.3 Turkiye Garanti Bankasi AS 6,199,424 32.0 32.0 Turkiye Halk Bankasi AS 1,677,333 16.4 16.4 Turkiye Is Bankasi class C 4,226,851 14.6 14.6 Turkiye Sise ve Cam Fabrikalari AS 1,215,720 2.0 2.0 Turkiye Vakiflar Bankasi Tao class D 2,012,800 5.2 5.2 Turquoise Hill Resources Ltd 41,510,217 315.5 315.5 Two Harbors Investment Corp fund units 85,000 0.9 0.9 Tyco International Ltd 564,700 16.5 16.5 Typhoon Exploration Inc 1,967,500 0.3 0.3 Tyson Foods Inc class A 343,860 6.6 6.2 12.8 U-Ming Marine Transport Corp 1,163,459 1.9 1.9 UBS AG 4,937,703 76.6 76.6 UCB SA 128,153 7.3 7.3

144 UDR Inc fund units 39,100 0.9 0.9 UEM Land Holdings Bhd 4,141,231 2.8 2.8 UMW Holdings Bhd 1,410,939 5.5 5.5 UOL Group Ltd 576,611 2.8 2.8 UPM-Kymmene Oyj 681,402 7.9 7.9 US Bancorp 2,242,126 71.3 71.3 USS Co Ltd 28,787 3.0 3.0 Ube Industries Ltd 1,308,000 3.1 3.1 Ulta Salon Cosmetics & Fragrance Inc 19,500 1.9 1.9 Ultra Petroleum Corp 43,600 0.8 0.8 Ultrapar Participacoes SA 1,215,216 27.4 27.4 Ultratech Cement Ltd 79,498 2.9 2.9 Umicore SA 147,734 8.1 8.1 Under Armour Inc class A 25,700 1.3 1.2 Uni-President China Holdings Ltd 2,469,000 2.6 2.6 Uni-President Enterprises Corp 11,091,536 20.3 20.3 Unibail-Rodamco SE fund units 120,242 28.7 28.7 Unicharm Corp 149,400 7.7 7.7 UniCredit SpA 5,534,718 26.9 26.9 Unilever Indonesia Tbk PT 4,095,158 8.8 8.8 Unilever NV 2,308,761 87.4 87.4 Unilever PLC 1,748,005 66.9 66.9 Unimicron Technology Corp 1,415,488 1.5 1.5 Union Gas Ltd 58.1 58.1 Union Pacific Corp 741,200 92.8 92.8 Unione di Banche Italiane SCPA 1,081,029 5.0 5.0 Unite Group Plc 570,100 2.5 2.5 Unitech Ltd 2,942,456 1.8 1.8 United Breweries Ltd 147,483 2.5 2.5 United Community Banks Inc 300,000 2.8 2.8 United Continental Holdings Inc 27,352 0.6 0.6 United Internet AG 115,701 2.5 2.5 United Microelectronics Corp 15,985,756 6.4 6.4 United Overseas Bank Ltd 1,592,636 25.7 25.7 United Parcel Service Inc class B 872,435 64.1 64.1 United Spirits Ltd 194,328 6.7 6.7 United States Steel Corp 160,700 3.8 13.9 17.7 United Technologies Corp 1,031,000 84.2 84.2 United Therapeutics Corp 74,981 4.0 4.0 United Tractors Tbk PT 3,504,777 7.1 7.1 United Utilities Group PLC 1,284,447 14.0 14.0 UnitedHealth Group Inc 1,130,550 61.1 61.1 Universal American Corp 3,776,959 32.3 32.3 Universal Health Services Inc class B 137,414 6.6 6.6 Universal Robina Corp 2,341,740 4.8 4.8 Unum Group 283,300 5.9 5.9

145 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Uralkali OJSC 3,545,770 27.1 27.1 Uranium Valley Mines Ltd 54,047 - - Urban Outfitters Inc 126,033 4.9 4.9 Ushio Inc 137,401 1.5 1.5 Usinas Siderurgicas de Minas Gerais SA preferred A 268,014 1.7 1.7 VCG Special Opportunities Fund Ltd Offshore fund units 25,000 5.8 5.8 VF Corp 106,800 16.1 16.1 VMware Inc class A 97,500 9.1 9.1 VST Holdings Ltd 2,034,000 0.4 0.4 VTB Bank OJSC 7,018,323,427 12.3 12.3 V V Food & Beverage Co Ltd class A 128,300 0.1 0.1 Vale SA 6,031,270 125.0 - 125.0 preferred A 5,647,738 112.2 112.2 237.2 Valeant Pharmaceuticals International Inc 3,557,507 211.1 211.1 Valero Energy Corp 702,200 23.9 23.9 Vallourec SA 135,707 7.0 7.0 Value Partners Group Ltd 900,000 0.6 0.6 Vardana International Ltd fund units 750,000 72.3 72.3 Varian Medical Systems Inc 230,552 16.1 16.1 Vectren Corp 68,490 2.0 2.0 Vedanta Resources PLC 232,220 4.4 4.4 Ventas Inc fund units 477,900 30.8 30.8 Veolia Environnement SA 445,463 5.4 5.4 Verbund AG class A 89,384 2.2 2.2 VeriFone Systems Inc 214,000 6.3 6.3 Verint Systems Inc 160,000 4.7 4.7 VeriSign Inc 160,600 6.2 20.9 27.1 Verisk Analytics Inc class A 46,366 2.4 2.4 Verizon Communications Inc 3,591,686 154.7 154.7 Vermilion Energy Inc 30,055 1.6 1.6 Vertex Pharmaceuticals Inc 258,429 10.8 10.8 Viacom Inc class B 560,400 29.4 29.4 Vienna Insurance Group AG Wiener Versicherung Gruppe 48,064 2.5 2.5 Vina Concha y Toro SA 1,109,962 2.2 2.2 Vinci SA 672,649 31.8 31.8 Virgin Media Inc 84,200 3.1 13.5 16.6 Virginia Mines Inc 1,797,663 18.1 18.1 ViroPharma Inc 11.5 11.5 Visa Inc class A 705,610 106.5 106.5 Vishay Intertechnology Inc 100,500 1.1 4.7 5.8

146 Viterra Inc 2.1 2.1 Vivendi SA 1,871,072 41.6 41.6 Vodacom Group Ltd 998,318 14.5 14.5 Vodafone Group PLC 66,822,515 168.4 168.4 Voestalpine AG 142,397 5.2 5.2 Volkswagen AG 38,735 8.3 8.3 preferred 190,106 42.9 42.9 51.2 Volta Resources Inc 1,380,399 0.7 0.7 Voltas Ltd 240,000 0.5 0.5 Volvo AB class B 1,831,272 24.9 24.9 Vornado Realty Trust fund units 178,800 14.3 14.3 Vulcan Materials Co 144,500 7.5 7.5 WEG SA 219,700 2.9 2.9 WESCO International Inc 170,000 11.4 11.4 WM Morrison Supermarkets PLC 3,427,347 14.6 14.6 WNS Holdings Ltd 430,730 4.5 4.5 WPG Holdings Ltd 3,789,975 4.9 4.9 WPP PLC 1,665,791 23.9 23.9 WPX Energy Inc 289,633 4.3 4.3 WR Berkley Corp 30,500 1.2 1.2 WW Grainger Inc 67,700 13.6 13.6 Wabtec Corp 130,000 11.3 11.3 WageWorks Inc 479,497 8.5 8.5 Wal-Mart de Mexico SAB de CV serie V 14,286,770 46.4 46.4 Wal-Mart Stores Inc 2,341,287 159.1 159.1 Waldron Energy Corp 129,700 - - Walgreen Co 1,419,866 52.3 52.3 Walsin Lihwa Corp 8,763,303 3.0 3.0 Walt Disney Co, The 2,119,500 105.1 105.1 Walter Energy Inc 26,400 0.9 0.9 Wan Hai Lines Ltd 3,006,444 1.7 1.7 Want Want China Holdings Ltd class A 18,636,103 25.6 25.6 Wanxiang Qianchao Co Ltd class A 120,812 0.1 0.1 Warner Chilcott PLC class A 56,600 0.7 0.7 Wartsila Oyj Abp class B 220,075 9.5 9.5 Washington Post Co, The class B 3,600 1.3 1.3 Waste Management Inc 614,390 20.6 20.6 Waters Corp 90,000 7.8 7.8 Watson Pharmaceuticals Inc 132,240 11.3 11.3 Weatherford International Ltd 244,402 2.7 2.7 Weichai Power Co Ltd class A 142,870 0.6 0.6 class H 1,148,033 5.1 5.1 5.7 Weifu High-Technology Group Co Ltd class A 61,730 0.3 0.3 Weir Group Plc, The 278,964 8.5 8.5 WellPoint Inc 330,100 20.0 20.0

147 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Wells Fargo & Company 6,231,291 212.1 212.1 preferred 7 - - 212.1 Wells Fargo Canada Corp 45.5 45.5 Wendel SA 43,256 4.4 4.4 Wereldhave NV fund units 32,000 2.0 2.0 Wesdome Gold Mines Ltd 364,900 0.3 0.3 Wesfarmers Ltd 1,339,502 51.0 51.0 West Japan Railway Co 230,800 9.0 9.0 Westcoast Energy Inc 14.8 14.8 Western Digital Corp 230,700 9.8 9.8 Western Mining Co Ltd class A 264,155 0.3 0.3 Western Refining Inc 49.1 49.1 Western Securities Co Ltd class A 49,400 0.1 0.1 Western Union Co, The 648,200 8.8 8.8 Westfield Group fund units 3,361,577 36.7 36.7 Westfield Retail Trust fund units 3,715,002 11.6 11.6 Westpac Banking Corp 4,061,645 109.3 109.3 Weyerhaeuser Co fund units 571,898 15.8 15.8 Wharf Holdings Ltd class A 2,664,173 20.7 20.7 Wheelock & Co Ltd class A 1,141,000 5.7 5.7 Whirlpool Corp 88,100 8.9 8.9 Whitbread PLC 234,389 9.3 9.3 Whitecap Resources Inc 96,766 0.8 0.8 Whitehaven Coal Ltd 595,744 2.2 2.2 Whiting Petroleum Corp 169,738 7.3 7.3 Whole Foods Market Inc 210,200 19.1 19.1 William Demant Holding AS 30,583 2.6 2.6 Williams Cos Inc, The 805,300 26.3 26.3 Willis Group Holdings PLC 930,100 31.1 31.1 Wilmar International Ltd 2,520,900 6.9 6.9 Windstream Corp 672,853 5.6 5.6 Wing Hang Bank Ltd class A 225,500 2.3 2.3 Winnipeg Airport Authority Inc 27.0 27.0 Wintek Corp 813,442 0.4 0.4 Wintime Energy Co Ltd class A 90,660 0.1 0.1 Wipro Ltd 1,340,975 9.6 9.6 Wisconsin Energy Corp 260,500 9.6 9.6 Wistron Corp 613,968 0.6 0.6 Wolseley PLC 359,484 16.9 16.9 Wolters Kluwer NV 396,290 8.1 8.1

148 Woodside Petroleum Ltd 818,681 28.7 28.7 Woolworths Ltd 1,644,957 49.9 49.9 Woolworths Holdings Ltd 2,024,116 16.9 16.9 Woori Finance Holdings Co Ltd 973,407 10.7 10.7 Woori Investment & Securities Co Ltd 347,588 3.8 3.8 WorleyParsons Ltd 252,590 6.1 6.1 Wuhan Department Store Group Co Ltd class A 38,989 0.1 0.1 Wuhan Humanwell Healthcare Group Co Ltd class A 71,900 0.3 0.3 Wuhan Iron & Steel Co Ltd class A 595,185 0.3 0.3 Wuhan Kaidi Electric Power Co Ltd class A 103,840 0.1 0.1 Wuhu Port Storage & Transportation Co Ltd class A 54,400 0.1 0.1 Wuliangye Yibin Co Ltd class A 293,337 1.3 1.3 Wumart Stores Inc class H 1,208,750 2.6 2.6 Wyndham Worldwide Corp 159,100 8.4 8.4 Wynn Macau Ltd 2,042,800 5.5 5.5 Wynn Resorts Ltd 90,400 10.1 10.1 XCMG Construction Machinery Co Ltd class A 121,966 0.2 0.2 XJ Electric Co Ltd class A 44,690 0.2 0.2 XL Axiata Tbk PT 6,865,002 4.0 4.0 XL Group Plc class A 358,800 9.0 9.0 XMET Inc 3,851,500 0.2 0.2 Xcel Energy Inc 590,800 15.7 15.7 Xerox Corp 1,381,972 9.4 9.4 Xi' An Aero-Engine PLC class A 74,100 0.2 0.2 Xiamen C & D Inc class A 209,892 0.2 0.2 Xiamen ITG Group Corp Ltd class A 161,424 0.1 0.1 Xiamen Tungsten Co Ltd class A 46,000 0.3 0.3 Xiamen XGMA Machinery Co Ltd class A 70,920 0.1 0.1 Xiandai Investment Co Ltd class A 71,457 0.1 0.1 Xilinx Inc 274,000 9.8 13.6 23.4 Xinhu Zhongbao Co Ltd class A 312,220 0.2 0.2 Xinjiang Goldwind Science & Technology Co Ltd class A 222,444 0.2 0.2 Xinjiang Guannong Fruit & Antler Group Co Ltd class A 30,900 0.1 0.1 Xinjiang Joinworld Co Ltd class A 37,830 0.1 0.1 Xinjiang Qingsong Building Materials and Chemicals Group Co Ltd class A 49,750 0.1 0.1 Xinjiang Tianshan Cement Co Ltd class A 96,358 0.2 0.2 Xinjiang Zhongtai Chemical Co Ltd class A 1,708,551 1.9 1.9 Xinxing Ductile Iron Pipes class A 179,740 0.2 0.2 Xstrata PLC 2,839,885 48.7 48.7 Xylem Inc 223,200 6.0 6.0 YGSOFT Inc class A 37,937 0.1 0.1 YPF SA 91,700 1.3 1.3 YTL Corp Bhd 12,817,802 7.9 7.9 YTL Power International Bhd 5,905,365 3.0 3.0 Yahoo! Inc. 1,248,400 24.7 24.7 Yahoo Japan Corp 18,340 5.9 5.9

149 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Yakult Honsha Co Ltd 126,917 5.5 5.5 Yamada Denki Co Ltd 114,182 4.4 4.4 Yamaguchi Financial Group Inc 264,000 2.3 2.3 Yamaha Corp 207,147 2.2 2.2 Yamaha Motor Co Ltd 367,380 4.0 4.0 Yamana Gold Inc 5,629,439 96.3 96.3 Yamato Holdings Co Ltd 502,609 7.6 7.6 Yamato Kogyo Co Ltd 54,200 1.6 1.6 Yamazaki Baking Co Ltd 144,750 1.6 1.6 Yang Ming Marine Transport Corp 1,890,276 0.9 0.9 Yang Quan Coal Industry Group Co Ltd class A 182,304 0.4 0.4 Yangzijiang Shipbuilding Holdings Ltd 2,518,000 2.0 2.0 Yantai Changyu Pioneer Wine Co Ltd class A 19,201 0.1 0.1 Yantai Jereh Oilfield Services Group Co Ltd class A 27,200 0.2 0.2 Yantai Wanhua Polyurethanes Co Ltd class A 1,321,748 3.3 3.3 Yanzhou Coal Mining Co Ltd class A 4,710,160 7.8 7.8 Yapi ve Kredi Bankasi AS 2,333,265 6.8 6.8 Yara International ASA 242,305 11.9 11.9 Yaskawa Electric Corp 255,883 2.4 2.4 Yes Bank Ltd 557,628 4.7 4.7 Yingde Gases 2,082,000 2.1 2.1 Yokogawa Electric Corp 254,791 2.8 2.8 Yonghui Superstores Co Ltd class A 32,300 0.1 0.1 Yonyou Software Co Ltd class A 74,450 0.1 0.1 Yorbeau Resources Inc 6,008,500 1.0 1.0 Youngor Group Co Ltd class A 1,996,254 2.5 2.5 Yuan Longping High-tech Agriculture Co Ltd class A 53,800 0.2 0.2 Yuanta Financial Holding Co Ltd 21,504,383 11.0 11.0 Yue Yuen Industrial Holdings Ltd class A 974,500 3.2 3.2 Yuexiu Property Co Ltd class H 11,898,000 3.7 3.7 Yuhan Corp 22,447 3.6 3.6 Yulon Motor Co Ltd 1,622,058 3.1 3.1 Yum! Brands Inc 1,066,688 70.5 70.5 YunNan Metropolitan Real Estate Development Co Ltd class A 90,170 0.1 0.1 Yunnan Aluminium Co Ltd class A 142,580 0.1 0.1 Yunnan Baiyao Group Co Ltd class A 47,343 0.5 0.5 Yunnan Chihong Zinc & Germanium Co Ltd class A 111,710 0.3 0.3 Yunnan Copper Industry Co class A 108,849 0.3 0.3 Yunnan Tin Co Ltd class A 77,688 0.3 0.3 Yunnan Yuntianhua Co Ltd class A 45,999 0.1 0.1

150 ZTE Corp class A 2,945,514 4.8 4.8 Zardoya Otis SA 202,486 2.9 2.9 Zee Entertainment Enterprises Ltd 1,233,855 5.0 5.0 Zhangzhou Pientzehuang Pharmaceutical Co Ltd class A 8,314 0.1 0.1 Zhangzidao Group Co Ltd class A 41,950 0.1 0.1 Zhaojin Mining Industry Co Ltd class H 2,063,500 3.2 3.2 Zhejiang Baoxiniao Garment Co Ltd class A 45,202 0.1 0.1 Zhejiang China Commodities City Group Co Ltd class A 185,556 0.2 0.2 Zhejiang Chint Electrics Co Ltd class A 42,289 0.1 0.1 Zhejiang Conba Pharmaceutical Co Ltd class A 69,300 0.1 0.1 Zhejiang Dahua Technology Co Ltd class A 39,500 0.3 0.3 Zhejiang Dun'An Artificial Environment Co Ltd class A 50,800 0.1 0.1 Zhejiang Expressway Co Ltd class A 3,399,397 2.7 2.7 Zhejiang Guyuelongshan Shaoxing Wine Co Ltd class A 64,200 0.1 0.1 Zhejiang Hisun Pharmaceutical Co Ltd class A 64,480 0.2 0.2 Zhejiang Huahai Pharmaceutical Co Ltd class A 45,380 0.1 0.1 Zhejiang Juhua Co Ltd class A 95,516 0.1 0.1 Zhejiang Longsheng Group Co Ltd class A 2,566,702 2.5 2.5 Zhejiang Material Industrial Zhongda Yuantong Group Co Ltd class A 87,660 0.1 0.1 Zhejiang Medicine Co Ltd class A 43,800 0.2 0.2 Zhejiang NHU Co Ltd class A 1,715,086 5.2 5.2 Zhejiang Yankon Group Co Ltd class A 44,550 0.1 0.1 Zhejiang Yasha Decoration Co Ltd class A 33,450 0.1 0.1 Zhen Ding Technology Holding Ltd 247,200 0.6 0.6 Zhengzhou Coal Industry & Electric Power Co Ltd class A 47 - - Zhengzhou Coal Mining Machinery Group Co Ltd class A 117,900 0.2 0.2 Zhengzhou Yutong Bus Co Ltd class A 1,988,463 8.0 8.0 Zhongbai Holdings Group Co Ltd class A 1,306,803 1.4 1.4 Zhongchu Development Stock Co Ltd class A 77,800 0.1 0.1 Zhongjin Gold Co Ltd class A 257,775 0.7 0.7 Zhongrun Resources Investment Corp class A 45,600 0.1 0.1 Zhongshan Public Utilities Group Co Ltd class A 42,900 0.1 0.1 Zhongsheng Group Holdings Ltd 1,319,000 2.0 2.0 Zhongtian Urban Development Group Co Ltd class A 118,808 0.1 0.1 Zhongyuan Union Stem Cell Bioengineering Co Ltd class A 43,800 0.1 0.1 Zhuzhou CSR Times Electric Co Ltd class H 1,078,000 4.0 4.0 Zhuzhou Times New Material Technology Co Ltd class A 57,660 0.1 0.1 Zibo Qixiang Tengda Chemical Co Ltd class A 28,320 0.1 0.1 Ziggo NV 157,520 5.1 5.1 Zijin Mining Group Co Ltd class A 15,377,983 6.0 6.0 Zimmer Holdings Inc 430,312 28.6 28.6 Zincore Metals Inc 154,429 - - Zions Bancorporation 147,511 3.1 3.1 Zodiac Aerospace 44,794 4.9 4.9 Zoomlion Heavy Industry Science and Technology Co Ltd class A 592,864 0.9 0.9 class H 3,141,380 4.6 4.6 5.5

151 INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued(continued) ) 9 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Shares Convertible Bonds Subtotal Total Number Amount Securities

Zurich Insurance Group AG 212,405 56.2 56.2

Notes that are important for an understanding of the table :

This table lists the major investments in corporate shares and bonds as shown in the assets in the combined financial statements. This table is subject to the disclosure standards applicable to the annual list of such investments. In addition to these investments and according to the investment policies of the specialized portfolios, the manag ers use derivative financial instruments that generate a return on the Caisse's equity securities, without these securities being the property of the Caisse.

The annual list must not provide any information deemed to be detrimental to the operations of the Caisse, to its economic inte rests or competitiveness or which may reveal an intended transaction, a transaction or series of transactions in process or which may cause prejudice to a company. Consequently, there may occasionally exist differe nces between the investments in the annual list and those recorded in the books of the Caisse, at December 31.

152

INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES 10 as at December 31, 2012 (fair value - in millions of dollars)

Value of investments: A = $0 to $5 million C = $10 to $30 million E = $50 to $75 million G = $100 to $150 million I = $300 to $500 million B = $5 to $10 million D = $30 to $50 million F = $75 to $100 million H = $150 to $300 million J = $500 million and over

Notes that are important for an understanding of the table :

This table lists the major investments in shares and bonds of private corporations as shown in the assets of the combined financial statements. This table is subject to the disclosure standards applicable to the annual list of such investments.

The annual list must not provide any information deemed to be detrimental to the operations of the Caisse, to its economic interests or competitiveness or which may reveal an intended transaction, a transaction or series of transactions in process or which may cause prejudice to a company. Consequently, there may occasionally exist differences between the investments in the annual list and those recorded in the books of the Caisse at December 31.

Pursuant to agreement, the specific value of investments in any private company (according to the definition of the Québec Securities Act) does not appear in this list unless the company has agreed to such disclosure.

CORPORATIONS DesignationUnits Shares Convertible Bonds Value of securities investments

Real Estate Sector

Blackstone Real Estate Partners III, L.P. X A Blackstone Real Estate Partners VI, L.P. X I Blackstone Real Estate Partners VII, L.P. X H CDP Real Estate Advisory India Private Limited X A CIM Fund III, L.P. X H Cherokee Investment Partners II, L.P. X A City Centre Associates JV X A City Point Master Investment Trust X A Colyzeo Investors, L.P. X A Colyzeo Investors II, L.P. X D daVinci Japan Real Estate Partners IV, L.P. X A Fonds de Résidences Maestro, SEC X B Fonds de Résidences Maestro II, SEC X B Fonds de Résidences Maestro III, SEC X A Fonds de Résidences Maestro IV, SEC X B Fonds de Résidences Maestro V, SEC X A Fonds de Résidences pour étudiants Maestro I, SEC X A Fonds Warburg Pincus Real Estate I, LP X F Gresham Real Estate Fund II L.P. X C H3H Partners GmbH & Co KG X A HOB Partners GmbH & Co KG X A

154 Hochstrasse 3 Hotelgesellschaft mbH X A India Property fund L.P. X E Kimex Retail Land and Development Fund I, LP X C KingSett Real Estate Growth LP No.1 X A KingSett Real Estate Growth LP No.2 X A KingSett Real Estate Growth LP No.3 X F KingSett Real Estate Growth LP No.4 X C Landon Butler X A Lone Star Fund III (Bermuda) LP X C Lone Star Fund IV (Bermuda) LP X E Lone Star Fund V (Bermuda) LP X J Lone Star Fund VI (Bermuda) LP X J Lone Star Real Estate Fund LP X H MCAP Commercial LP X G Macquarie Wanda Real Estate Fund X B Manhattan Valley Fund LP X A NYC Residential Fund GP, LLC X A New York Metro Fund, LP X A One Newark Center GP LLC X A Penreal Property Trust II X A PenRetail III Limited Partnership X B Praedium Fund V, L.P., The X A Praedium Fund VI, L.P., The X D Praedium Fund VII, L.P., The X H SITQ Les Tours S.A. X H Société en commandite Maestro X A TS Real Estate DC Area Portfolio JV I LP X A Utrecht AIV I, LP X E WPRE Red Star L.P. X F Williams Opportunity Partner Fund, LLC X A Private Equity and Infrastructure ¹

4411871 Canada Inc class A X A preferred B X A 7764863 Canada Inc. preferred D X X B 7790724 Canada Inc X A 9256-9771 Québec inc class A X A preferred B X A 9272-8328 Québec Inc. X D ALT Canada Investment Partnership LP X B ARC Energy Venture Fund 3 Canadian LP X A ARC Energy Venture Fund 4 Canadian LP X C ASF V-B Park Co-Investment LP X G AXA Capital Asia II LP X F AXA Capital Asia LP X H

155 INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES - continued 10 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Units Shares Convertible Bonds Value of securities investments

AXA CDP Co-Investment Fund FCPR X G AXA CDP TDF FCPR X F AXA Early Secondary Fund III LP X D AXA Expansion Fund II FCPR X D AXA LBO Fund III A X C AXA LBO Fund IV FCPR X H AXA LBO Fund IV Supplementary FCPR X D AXA Mezzanine 1 SICAR X D AXA Primary Fund America III LP X E AXA Primary Fund America IV LP X F AXA Primary Fund Europe III LP X G AXA Primary Fund Europe IV LP X G AXA Private Equity Fund X A AXA Private Equity Fund II X A AXA Secondary Fund II LP X A AXA Secondary Fund III-1 LP X B AXA Secondary Fund IV LP X H AXA Secondary Fund LP X A AXA Secondary Fund V LP X G AXA VENTURE Fund IV X A Acurian Inc X A preferred C X A Aeris Communications Inc ² X A preferred D, E X A Agechem Venture Fund, LP X B Airport Holding Kft X A Airport Hungary Tanácsadó Korlátolt Felelösségü Társaság Kft X E Alexander Forbes Equity Holdings (Proprietary) Limited X A preferred A X D AlterInvest Fund LP X C AlterInvest II Fund LP X F Aquiline Financial Services Fund (Offshore) LP X E ArcLight Energy Partners Fund I LP X A ArcLight Energy Partners Fund II LP X C ArcLight Energy Partners Fund III LP X D ArcLight Energy Partners Fund IV LP X C ArcLight Energy Partners Fund V LP X C Ares Corporate Opportunities Fund II LP X D

156 Ares Corporate Opportunities Fund III LP X D Ares Corporate Opportunities Fund IV LP X A Argos Therapeutics Inc X A preferred B, C, D X B Astoria Energy LLC X E Auriga Ventures I X A Auriga Ventures II X C Avenue Asia Special Situations Fund IV LP X C Avenue Special Situations Fund V LP X A Avenue-CDP Global Opportunities Fund LP X F Averna Technologies Inc classes D, G X A BC European Capital IX X D BC European Capital VII X A BC European Capital VIII X G BCP V Co-Investors LP X C BVP Management Ltd X A Bariatrix Nutrition Inc. class A X C Baring Vostok Fund IV Supplemental Fund LP X C Baring Vostok Private Equity Fund III LP X E Baring Vostok Private Equity Fund IV LP X F Baring Vostok Private Equity Fund V LP X C Baring Vostok Private Equity LP 1 X E BioMarin Delivery Canada Inc preferred A X A Blackstone Firestone Principal Transaction Partners (Cayman) LP X H Blackstone Health Commitment Partners LP X A Blackstone Offshore Capital Partner III LP X A Brazil Private Equity Fund LP, The X A Brightspark Ventures II LP X C Brightspark Ventures LP X A Bronco Midstream Partners LP X D Brookfield Capital Partners Fund III LP X C Brookfield Special Situations II LP X D C-1 Holdings LLC X B CDP Investments Partners GP X D CDP Investments Partners II GP X F CD&R EMSC Co-Investor LP X F CD&R Univar Co-Investor II LP X F CDR USF Co-Investor NO 2 LP X G CG Investment Group LLC X B CTI Life Sciences Fund LP X B CVI Global Value Fund LP X I CVI Global Value Fund LP - Top Off X H Camille Fontaine & Fils Inc X B Camoplast Solideal Inc ² classes A, C X H Canadian Regional Aircraft Finance Transaction no1 Limited preferred X A

157 INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES - continued 10 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Units Shares Convertible Bonds Value of securities investments

Candover 2005 Fund US No 2 LP X D Capital Croissance PME SEC X E Capital St-Laurent LP X A Capital Z Financial Services Fund II LP X A Caravelle Investment Fund LLC X A Care Capital Investments III LP X C Carlyle Japan International Partners II LP X D Carlyle/Riverstone Global Energy & Power Fund III LP X E Catalina Holdings (Bermuda) Ltd class A X C preferred X F Cellfish Media LLC X C Cequel Communications Holdings, LLC X X E Cerberus FIM Investors Auto Finance LLC X X A Cerberus FIM Investors Commercial Finance LLC X X A Cerberus FIM Investors Commercial Mortgage LLC X X A Cerberus FIM Investors Insurance LLC X X A Cerberus FIM Investors Rescap LLC X X A Cerberus Institutional Partners LP (Series Four) X J Citicorp Mezzanine III LP X A Clarus Lifesciences I LP X C Clarus Lifesciences II LP X B Clayton Dubilier & Rice Fund VII (Co-Investment) LP X D Clayton Dubilier & Rice Fund VII LP X D Clayton Dubilier & Rice Fund VIII LP X F Colonial Pipeline Company X J Colonial Ventures LLC X A Compagnie Financière Edmond de Rothschild Banque, La X G Compagnie Financière Martin-Maurel S.A. X C Corex Resources Ltd preferred A X G Corsair III Financial Services Capital Partners LP X C Court Square Capital Partners (Offshore) II LP X F Court Square Capital Partners III LP X C Cycle Capital Fund I LP X A Cytheris SA X A Cytochroma Canada Inc preferred B, C X X C Denver Partners LLC X C Deshors International S.A. ² X X A EGS Private Healthcare Partnership II LP X B

158 EQT VI FML X D Emballage St-Jean Ltée X A Emerald Cleantech Fund II LP X B Emerald Energy Fund I LP X B ePak Holdings Limited X A preferred B, C X A eResearchTechnology Inc X C Essex Woodlands Health Ventures Fund VII LP X C Essex Woodlands Health Ventures Fund VIII LP X C Euro Wagon LP X C European Directories SA X X A Exploration SOQUIP inc preferred X A Explorer Acquisition Corp. X E Explorer Holdings Inc X C Exxel Capital Partners 5.5 LP X A Exxel Capital Partners V LP X A Ezeflow Inc class A X B preferred D-1 X A Ezeflow International Inc class A X A FGP Topco Limited (HAH, formerly BAA) X J FONDS ID SEC X C Fairfield Energy Limited preferred X X D preferred B X E Fiera Axium Infrastructure Canada LP X D Finloc 2000 inc X A Fluxys G NV / SA X J Fonds d'investissement AlterInvest inc classes A, C X A Fonds Propulsion III SEC X B Fonds Tandem Expansion I SEC X B Fortress Coinvestment Fund V LP X C Fortress Investment Fund V LP X E GO Capital SEC X A GS Special Opportunities (Asia) Fund LP X A GSM Capital Limited Partnership X A GeneChem Technologies Venture Fund LP X A Genesis Partners II LDC X A Genesis Partners III LP X C Genstar Capital Partners III LP X A Genstar Capital Partners IV LP X C Genstar Capital Partners V LP X F Genstar Capital Partners VI LP X C Gestion Grand Lys Inc classes A, E X A preferred B X A Gestion Sijeri Inc classes A, B X A preferred D, H X A

159 INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES - continued 10 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Units Shares Convertible Bonds Value of securities investments

Gestion T2C2/BIO SEC X A Glencoe Capital Institutional Partners III LP X A Glencoe Capital Partners III LP X C Glencoe/d'Amérique LLC X A Global Agriculture AIV LLC X D Gravity Energy Corp X A Green Equity Investors III LP X A Greenfield Ethanol Inc X B Greenpac Holdings LLC X X F Groupe Graham International Inc class A X X A Groupe Multibar Inc class A X B Groupe Solotech inc class A X C preferred B X B Grupo Corporativo ONO SA class A X H HDF (UK) Holdings Limited class A X E preferred X H HEF HoldCo II, Inc. X X H HM/Latimer Coinvestors LP X A HM/Latimer Investments No 1 LP X A HMY International X X A Harlan Laboratories Corp X C Hastings Luxembourg Water S.à.r.l. X E Hochtief Airport Capital GmbH & Co KG aA X X I Holiday Group Inc X X A HydroSolution LP X C HydroSolution Ltd X A iCON Infrastructure Partners LP X C ILM Investments LP X H IPE Tank and Rail Investment 2 SCA class A X A Innisfree PFI Continuation Fund X F Innisfree PFI Fund III X A Inotek Pharmaceuticals Corp preferred B, C X A iNovia Investment Fund II LP X C Interconnector UK Ltd X I preferred X A Intransit BC Limited Partnership X F Intransit British Columbia GP Ltd X A preferred X A

160 Investissements BSA Inc class A X B iWeb Group Inc X C J A Bombardier (J A B) Financing Inc class A X A J A Bombardier (J A B) Holding Inc class A X A J A Bombardier (J A B) Inc class A X H J A Bombardier (J A B) Investment Inc class A X A J L Albright III Venture Fund X A J L Albright IV Venture Fund X B JitneyTrade Inc X A KERN Cobalt Co-Invest Partners AP LP X G KERN Energy Partners I LP X C KERN Energy Partners II LP X F KERN Energy Partners III LP X E KKR 1996 Fund LP X A Kéolis SA X J Kodiak Funding LP X A LB Firth Sidecar LLC X C preferred X C LGV 2 Private Equity Fund LP X A Laureate Co-Investors V Limited Partnership X C Lightyear Fund II, L.P. X G Lightyear NIB LP X C Lion Capital Fund I LP X A Lion Capital Fund II LP X G Lion Capital Fund III LP X E Lion/Seneca Cayman 1 LP X X G Logiciels Dynagram Inc, Les X A Lone Star Fund III (Bermuda) LP X C Lumira Capital Corp X A MCC Hold Trust X B MMV Financial Inc preferred C X A MSR Mobile Stage Rentals Inc X A Macquarie European Infrastructure Fund LP X F MacroGenics Inc preferred C X A Maetta Sciences inc class A X A preferred B, C, D X A Manzoni International SA ² class A X X A Marcomir Acquisition SAS X D Marietta Corp X A preferred A, B X A Mechtronix World Corporation class A X X A Montreal Maine & Atlantic Railway Ltd X A Morgan Schaffer inc class A X X B Multibar Foods Inc. X C Multiple Capital Fund II LP X A

161 INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES - continued 10 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Units Shares Convertible Bonds Value of securities investments

NB Co-Investment Partners LP X E NGEN Enabling Technologies Fund LP X A Nanoledge X A New Asurion Corporation X H Newbridge Asia III LP X A Newbridge Asia IV LP X E NewStar Credit Opportunities Fund Ltd class A X A preferred A X E Novacap II LP X C Novacap Industries III LP X D Novacap Technologies III LP X C Novatech Group Inc class O X X C Noverco Inc. (Gaz Métro) X X J Novacap Investments Inc class A X A Nth Power Technology Fund II-A LP X A OCM Asia Principal Opportunities Fund LP X C OCM Opportunities Fund VII (Cayman) Ltd X G OCM Opportunities Fund VIIb LP X H OCM Principal Opportunities Fund IV(Cayman) Ltd X F Omega Laboratories Ltd class A X B Oncap II LP X D Oncap III (Canada) LP X C OnCure Medical Corp X A Onex Allison Co-Invest LP X G Onex Partners II LP X G Onex Partners III LP X E Onex Partners LP X E Onex Spirit Co-Investment LP X C Onex Tomkins Co-Invest LP X D Optimum Group Inc class AA X A class BB X C OrbiMed Private Investments III LP X C Osum Oil Sands Corp X D PCUT No 1 Pty Ltd preferred X D PPP Holdings No 1 Pty Ltd X X C preferred C X A PPP Holdings No 2 Pty Ltd X X C preferred C X A

162 PRA Holdings Inc X D Park Square Capital Partners LP X H Parts Holdings (France) X A Permira Europe I LP 1B X A Permira Europe II LP 2 X A Permira Europe III LP 2 X C Permira IV LP X H Persistence Capital Partners LP X B Pinofaun Ltd class A X X A preferred X A Plastrec Inc class A X A Plenary Conventions Pty Ltd X A Plenary Health Holdings Pty Ltd X A Plenary Health Holdings Unit Trust X A Plenary Holdings No 6 Pty Ltd X A Plenary Living LEAP 2 Pty Ltd X C preferred X D Pool Acquisition SA X X A ProQuest Investments IV LP X D PulsePoint Inc preferred B X A Quantum Energy Partners IV LP X D Québec Manufacturing Fund LP X C Québec Railway Corporation Inc class A X A Quebecor Media Inc X J RAD Technologies inc ² class A X A preferred A, B, C X A Railquip Enterprises Inc. class A X B Ray Investment S à r l X I Remstar Media Partners LP X A Ressorts Liberté Inc X A Rho Canada Ventures LP X C Riopelle Century LLC X G Riopelle Park LP X E Ripley Cable Holdings I LP X F Riverbank Power Corporation XXXA Riverstone Global Energy & Power Fund V LP X D SSQ, Life Insurance Company Inc X E SW Energy Capital LP X F SW Resources Partnership X F Sagard FCPR X A Sagard II A FCPR X E Saints Capital V LP X B Saints Capital VI LP X E Sanderling Venture Partners IV LP X A Sanderling Venture Partners V LP X C

163 INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES - continued 10 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Units Shares Convertible Bonds Value of securities investments

Sanderling Venture Partners VI Co-Investment Fund LP X C Sanderling Venture Partners VI LP X C Seficlo Meat Inc class A X X B preferred B X A Sentient Global Resources Fund I LP X D Sentient Global Resources Fund II LP X C Sentient Global Resources Fund III LP X E Sentient Global Resources Fund IV LP X D Sentient Group Limited, The X A Silanis Technology Inc preferred B X A Silver Lake Partners LP X A Silver Lake Partners II LP X B Silver Lake Partners III LP X H Slap Shot Holdings Corp X A preferred A, B X B Solotech Inc X A Somerset Group, Inc. class A X A Spie SA X H Sports Authority Inc, The X D Stageline Group Inc classes A, E X X A preferred B X A Structured Credit Holdings Public Limited Company class C X A preferred A X A Sun Capital Partners V LP X G Sweeteners Holdings Inc X A TA/Advent VIII LP X A TAD Canco Inc X G TIAA-CREF Global Agriculture LLC X E TMC Mezz Cap Investor LLC X A TPG Asia V LP X D TPG Charley ORRI Co-Invest LP preferred X D TPG Charley Pref Co-Invest LP preferred X H TPG LBV Co-Invest LLC X C TPG Partners V LP X F TPG Partners VI LP X E Technologies HumanWare Inc ² classes A, B, C X X A Technology Crossover Ventures VI LP X B Technology Crossover Ventures VII (A) LP X E

164 Télécon Inc class B X X C Tenaska Power Fund LP X C Tenaska Power Fund II LP X E TeraXion Inc class A X B Terra Firma Capital Partners III LP X E Thomas McNerney & Partners II LP X C Tour de Mons SAS, La X X C Trident II LP X B Trident III LP X E Trident IV LP X G Trident V LP X C Triton Electronique inc X A Tropos Networks Inc preferred F X A Univita Health Inc X F VantagePoint CDP Partners LP X H VantagePoint Communications Partners LP X A VantagePoint Venture Partners 2006 (Q) LP X E VantagePoint Venture Partners III (Q) LP X A VantagePoint Venture Partners IV (Q) LP X B Ventures West 8 LP X B Veritas Capital Fund II LP, The X A Vintage Venture Partners III (Cayman) LP X C Visionael Corp preferred C, F X A WCC Investments LP X A WCP III QUEBEC CO-INVEST LP X B Wengen Alberta Limited Partnership X D Wilton Re Holdings Ltd class A X E Wynnchurch Capital Partners Canada LP X A Wynnchurch Capital Partners II LP X C Xenon Pharmaceuticals Inc preferred E X A Zarkiris Limited Partnership X B Zone3 Inc class A X X B preferred C X A Zone3-XXI Inc X A Fixed Income

Beaudry Jean-Paul Ltée X A Fraser Transportation Group X C Gestion IFPT Inc. X A Gestions Varekai Inc X B Groupe M Vachon Inc, Le X B Groupe Moreau X B H2O Power Limited Partnership X H Hydro Bromptonville Inc X A Interior Heart and Surgical Centre Project X B

165 INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES - continued 10 as at December 31, 2012 (fair value - in millions of dollars)

CORPORATIONS Designation Units Shares Convertible Bonds Value of securities investments

Laboratoires COP Inc X C Lièvre Power Financing Corp X D Minto Developments Inc X C Montreal Health Collective LP (CHUM) X I Nouvelle Autoroute 30 SENC X C Optimum Group Inc X B Plenary Health Hamilton LP X C SNC-Lavalin Innisfree McGill Finance Inc X D Sanimax Industries Inc X C Société de cogénération de St-Félicien X B Sydney Airport Finance Co Pty Ltd X J Windsor Essex Mobility Group GP X E Women's College Partnership X D ABTNs ³

ABTNs Master Asset Vehicle I (MAV 1) X J Master Asset Vehicle II (MAV 2) X G Master Asset Vehicle III (MAV 3) X G ABTNs excluded from the restructuring agreement Apex Trust X G Devonshire Trust X H Great North Trust X H Superior Trust X I White Knight Investment Trust X H

166 Notes that are important for an understanding of the table :

This table lists the major investments in shares and bonds of private corporations as shown in the assets of the combined financial statements. This table is subject to the disclosure standards applicable to the annual list of such investments.

The annual list must not provide any information deemed to be detrimental to the operations of the Caisse, to its economic interests or competitiveness or which may reveal an intended transaction, a transaction or series of transactions in process or which may cause prejudice to a company. Consequently, there may occasionally exist differences between the investments in the annual list and those recorded in the books of the Caisse at December 31.

Pursuant to agreement, the specific value of investments in any private company (according to the definition of the Québec Securities Act) does not appear in this list unless the company has agreed to such disclosure.

¹ Investment made or held by the Caisse or a subsidiary created pursuant to section 37.1 of the Act respecting the Caisse. ² Investment made or held by the Caisse or one of its subsidiaries pursuant to the last paragraph of section 37.1 of the Act respecting the Caisse. ³ See note 3e of the combined financial statements.

167 STATEMENT OF REAL EASTATE HOLDINGS 11 as at December 31, 2012

Location Land and buildings Location Land and buildings Location Land and buildings

IVANHOÉ CAMBRIDGE Montréal 4901, 7330 Jean-Talon Street W Vancouver 505, 555, 595 Burrard Street Montréal 5010 Paré Street Vancouver 540 Thurlow Street Canada Montréal 677, 685, 705 Sainte-Catherine W Vancouver 650 41st Avenue W Montréal 747, 901 square Victoria Vancouver 1075 Georgia Street W Abbotsford 31785 Marshall Road Montréal 7500 Victoria Street Vaughan 1 Bass Tro Mills Drive Abbotsford 34494 McClary Avenue Montréal 7999 Les Galeries D'Anjou Blvd Victoria 3147 Douglas Street Beauport Land - Joseph-Casavant et Clémenceau Montréal 900 René-Lévesque Blvd W Waterloo 550 King Street N Belleville 390 Front Street N Montréal Land - 4325, 4505 Jean-Talon Street E Windsor 3100 Howard Avenue Brampton 107 Walker Drive Montréal Land - 500 & 900 De Winnipeg 1555 Regent Avenue W Brantford 84 Lynden Road Maisonneuve Blvd W Winnipeg 200 Dawson Road N Brossard 2150 Lapinière Blvd Montréal Land - Anjou Winnipeg 422 Jarvis Avenue Burlington 900 Maple Avenue Montréal Land - Jean-Talon & Provencher Burnaby 4710 4720, 4880 Kingsway Montréal Land - Street Jean-Talon W Foreign Investments Calgary 33 Heritage Meadows Way SE Mont-Royal 2305 Rockland Road th Nanaimo 6631 Island Highway N Calgary 333 7 Avenue SW Brazil Calgary 3625 Shaganappi Trail NW Niagara on the lake Avenue Glendale & Queen Elizabeth Way Calgary 3839 Ogden Road SE Oshawa 419 King Street West Brasilia Setor De Diversoes Norte Calgary 4039 Brandon Street SE Ottawa 100 Bayshore Drive Campinas Avenida John Boyd Dunlop, 3900 Calgary 516 525 8th Avenue SW Pointe-Claire 6801 Transcanadienne Road Cuiabá Avenida Historiador Rubens de Calgary 5600 76th Street Québec 1 des Carrières Street Mendonça, 3300 Calgary 715 3rd Street SW Québec 2452, 2700 Laurier Blvd Fortaleza Avenida Lineu de Paula Calgary Land - Deerfoot Trail & Beddington Road Québec 440 Bouvier Street Machado, 419 Dartmouth 21 Micmac Blvd Québec 505 du Parc-Technologique Blvd Natal Avenida Senador Salgado Delta 1188 Derwent Way Québec 65 Ste-Anne Street Filho, 2234 Delta 836 Cliveden Avenue Québec 690-700 René-Lévesque Blvd E Porto Alegre Avenida Joao Wallig, 1800 Dundas 101 Osler Drive Québec 801 Grande-Allée Street W Porto Velho Avenida Rio Madeira, 3288 Edmonton 12536 62nd Street Regina 1575 Elliot Street Rio de Janeiro Avenida das Américas, 500 Edmonton 5015 111 Street NW Repentigny 100 Brien Blvd Rio de Janeiro Avenida Pastor Martin Luther King Gatineau 320 St-Joseph Blvd Richmond 1400 6551 Road No 3 Jr., 126 Gatineau Land - Vanier Road Richmond 3231 No. 6 Road Rio de Janeiro Praia De Botafogo, 400 Kelowna Land - 2340 Harrey Ave (Highway 97 N) Rimouski 419 Jessop Blvd Rio de Janeiro Rua Barao de Sao Francisco, 236 Laval 2800 Cosmodôme Avenue Rimouski Land - 62 Léonidas Street San Jose Dos Campos Avenida Deputado Benedito Laval 2999 Highway 440 Rivière-Du-Loup 298 Armand-Thériault Blvd Matarazzo, 9403 Laval 3055 St-Martin Blvd W Rocky View 261055 CrossIron Blvd Sao Bernardo do Campo Avenida Kennedy, 700 Laval Land - St-Martin & Daniel Johnson Rocky View Land - Plan 0716149 - Block 2 - Lot 3 Sào Paulo Avenida Interlagos, 2255 Laval Land - St-Martin & Laval Rosemère Land - 201-257 Labelle Blvd Lethbridge 2718 2nd Avenue North Sainte-Agathe Land - Palomino Road China th Lethbridge 585 41 Street Saint-Georges- Changsha 188 Huangxing Zhong Road, Furong Longueuil 5025 Cousineau Street De-Beauce 8585 Lacroix Blvd District Mercier Land - St-Jean-Baptiste Blvd Saskatoon 2020 St. Patrick Avenue Shanghai Land – Parc de Haute-Technologie de Mississauga 1250 Service Road S Surrey 2695 Guildford Town Centre Thetford Mines 805 Smith Blvd N Zhangjiang, district de Pudong Moncton 123 Price Street Wuxi 99 Zhenghe Avenue, Huishan District Montréal 1 à 5 Place Ville Marie Toronto 150 Bloor Street W Montréal 1000 Place Jean-Paul Riopelle Toronto 1800 Sheppard Avenue E France Montréal 1000, de La Gauchetière Street W Toronto 3381, 3389 Steeles Avenue Montréal 1155 Metcalfe Street Toronto 3900, 4000 Victoria Park Courbevoie 1, 2 place Samuel De Champlain Montréal 1500 McGill College Avenue Toronto 55 University Avenue Mandelieu Land - Mandelieu Montréal 1560 Brandon Crescent Toronto Land - 45 Bay Street Paris 75 Avenue de la Grande Armée Montréal 249, 415, 455 St-Antoine Street W Toronto Land - 65 Skyway Toulouse Land - Inter. Street Des Chênes Montréal 4300, 4700 de la Savane Street Trois-Rivières 4125 des Forges Blvd et Route D82 Montréal 4815 Buchan Street Vancouver 1040 Pender Street W Montréal 4858 Côte-des-Neiges Road Vancouver 1055 Dunsmuir Street 168

STATEMENT OF REAL EASTATE HOLDINGS (continued) 11 as at December 31, 2012

Location Land and buildings Location Land and buildings Location Land and buildings

Germany Cupertino 10300, 10401-10411, 10440, San José 25, 75 East Trimble Road Berlin Wilmersdorfer Strasse 46 10450-10460 Bubb Road San José 2600-2610 North First Street Düsseldorf Friedrichstrasse 129-133 Farmer's Branch 4000 McEwen N San José 2610, 2630, 2904 Orchard Parkway Düsseldorf Hans-Günther-Shol Strasse 1 Farmer's Branch 4000 McEwen S San José 355 Kiely Blvd Frankfurt Theodor-Heuss-Allee, 70, 72, 74 Farmer's Branch 4001, 4020, 4040, 4099, 4100, 4101 San José 5325, 5390, 5400, 5404,5500-5550, 5750, Frankfurt Wilhelm- Fay- Strasse 31 - 37 McEwen 5830-5870 Hellyer Avenue Leipzig Paunsdorfer Allee 1 Farmer's Branch 4100 Alpha San José 55 WEast Trimble Road Munich Kistlerhofstrasse 75 Farmer's Branch 4141 Blue Lake San José 5710, 5750 Fontanoso Way Munich Theresienhöhe 11 - 13 Fremont 2800 Bayview Avenue San José 5900, 5901, 5921, 5941-45, 5961, 5970, Zwickau Innere Plauensche Strasse14 Fremont 3481-3501 Warren Avenue W 5981 Optical Court Fremont 4050 Starboard Drive San José 5905-5965 Silver Creek Fremont 45365-45395, 45738, 45778 Northport San José 6311, 6320-6360, 6321, 6331, 6341-6371, Russia Loop W 6385-87 San Ignacio Avenue Moscow Kutuzovsky Prospect 48 Fremont 46600 Fremont Blvd San José 6541, 6781 Via Del Oro Fremont 48700, 48800 Milmont Drive San José 6810, 6850 Santa Teresa Blvd

Spain Green Valley 500 Camino Encanto W San José 845-855, 875 Embedded Way Miami 950 Miami Avenue S San José 881 Winchester Blvd S Madrid Autovia A-5 Margen Izquierdo Milpitas 233 South Hillview Drive San José 935 Willowleaf Drive Arroyomolinos Morgan Hill Land - Butterfield Blvd, Jarvis Drive, San José Land - Embedded Way and Hellyer Avenue Madrid Calderilla St.1 Monterey Road, Sutter Blvd, Digital Drive San José Land - 448 Piercy Road

Mountain View 1875 Charleston Road Santa Barbara 5486 Calle Real United Kingdom Mountain View 450 National Avenue Santa Clara 1600 Memorex Drive Glasgow 43-55, 57-63 Argyle Street New York 10 Downing Street Santa Clara 1688, 1700 Richard Avenue Glasgow 55 St. Enoch Square New York 108 15th Street W Santa Clara 2001 Walsh Avenue London 151 Buckingham Palace Road New York 1143 2nd Avenue Santa Clara 2220, 2300, 2330 Central Expressway London 57 Farrington Street New York 120-160 97th Street W Santa Clara 2251 Lawson Lane London 1 – 5 Molyneux Street New York 135 96th Street W Santa Clara 2800, 2806, 2880, 2882, 2890, 3236 Scott London 86 – 92 Kensington Gardens Square New York 141 33rd Street E Blvd London 56 – 60 Lancaster Gate New York 1411, 1745 Broadway Santa Clara 3301 Olcott Street London 2 Roland Gardens New York 167 82nd Street E Santa Clara 3506-10, 3520-30, 3540-48, 3550-80 London 13 Park Walk New York 20, 41 Park Avenue Bassett Street London 4 Eccleston Street New York 210 89th Street W Santa Clara 4750 Patrick Henry Drive New York 235-237 48th Street W Seattle 1420 5th Avenue United States New York 315 33rd Street W Sherman Oaks 5450 Vesper Avenue New York 330 63rd Street E Sunnyvale 1135 Kern Avenue Alexandria 11, 44, 66, 99 Canal Center Plaza th Alexandria 1199 Fairfax Street N New York 347-351 58 Street E Sunnyvale 1180 Lochinvar Avenue New York 360 65th Street E Sunnyvale 1212 Bordeaux Lane Arlington 1300 Wilson Blvd th Arlington 1655 Fort Myers Drive New York 364 18 Street W Sunnyvale 1230, 1250-1280 East Arques New York 388, 390 Greenwich Street Sunnyvale 255 Caspian Drive Atlanta 250 Piemond th Bellevue 10885 4th Street NE New York 555 6 Avenue Sunnyvale Land – 245 Caspian Drive Bellevue 12920 38th Street SE New York 753 Amsterdam Avenue Tucson 6231 Montebella Road N th New York 8 Gramercy Park S Vienna 1919, 1921 Gallows Road Bellevue 355 110 Avenue NE th Bellevue 3605, 3625 132nd Avenue SE Phoenix 13822 46 Place S Washington 1201 F Street Bellevue 3617, 3650, 3655 131st Avenue SE Easton 2001, 2003 Edmund Halley Drive Washington 1717, 1730, 1747, 1775, 1919 Bellevue Land - 320 108th Avenue NE Richmond 9960 Mayland Drive Pennsylvania Avenue Bethesda 6550 Rock Spring Drive Sacramento 801 K Street Washington 1825 K Street Boston 201 Washington Street San José 140, 150, 160, 170, 180 Great Oaks Blvd Washington 1850, 1875 Eye Street Chandler 990 Ocotillo Road W San José 1500 Cottle Road Washington 2550 M Street NW San José 1750, 1756, 1758, 1762, 1768 Washington 700 14th Street Chicago 444 Lake Street W th Cupertino 20200 Lucille Avenue Automation Parkway Washington 900 19 Street Wilsonville 32200 French Prairie Road SW

169

STATEMENT OF PROPERTIES HELD FOR RESALE 12 as at December 31, 2012 Location Addresses Canada Mississauga 5875 Airport Road Ottawa 1 Rideau Street Toronto 100 Front Street W Toronto 145 Richmond Street W Vancouver 900 Georgia Street W Victoria 721 Government Street

Foreign Investments – France Paris 10 Place de La République Paris 12 boulevard de Denain Paris 24 rue de Ponthieu Paris 49 rue La Fayette Paris 5 rue du 8 Mai 1945

Foreign Investments – Germany Berlin Stressemena Strasse 49 Cologne Tiefental Strasse 72 Dortmund Maukauer Strasse 1 Düsseldorf Mercedes Strasse 14 Francfort Gutlen Strasse 296 Hambourg Graumannsweg 10 Heidelberg Kurfuerstenanlage 1 Moerfelden Langener Strasse 200 Munich Hoch Strasse 3 Munich Otto Lilienthal Ring 6 Troisdorf Echternacher Strasse 4

Foreign Investments – United-States Atlanta 255 Courtland Street NE Atlanta 2727 Paces Ferry Road Seattle 411 University Street Washington 2401 M Street NW

Foreign Investments - Other Vienne, Autriche Hertha Firnberg Strasse 5 St-James, Barbade Porters Bay Diegem, Belgique 4 Da Vincilaan Alicante, Espagne Avenida De Elche 112 Valence, Espagne Avenida De Ausias March, 99 Amsterdam, Pays-Bas De Boelelaan 2 Amsterdam, Pays-Bas Planeetbaan 2 Hoofddorp

The above-mentioned are hotel properties held by the Caisse for resale. 170 All figures in this document are expressed in Canadian dollars, unless otherwise indicated.

This publication, as well as the 2012 Annual Report, are available on our website: www.lacaisse.com.

Information: 514 842-3261 [email protected]

Ce document, de même que le Rapport annuel 2012, sont disponibles en français sur notre site : www.lacaisse.com.

Legal Deposit – Bibliothèque et Archives nationales du Québec, 2013

100% 20% Business office head office CDP CAPITAL US Hearing impaired Centre CDP Capital Édifice Price 1540 Broadway, Suite 1600 514 847-2190 1000, place Jean-Paul-Riopelle 65, rue Sainte-Anne, 14e étage New York, NY 10036 Montréal (Québec) H2Z 2B3 Québec (Québec) G1R 3X5 United States Tel: 514 842-3261 Tel: 418 684-2334 Tel: 212 596-6300 www.lacaisse.com Fax: 514 842-4833 Fax: 418 684-2335 Fax: 212 730-2356